Title 17. Investment by Local Government — Subtitle 2. Local Government Investment Guidelines

for Baltimore City, the Baltimore City Board of Estimates;

for a commission county, the county commissioners;

for a charter county, as provided by local law, the county council or the county executive and the county council;

for a code county, the county commissioners;

for a community college, the board of trustees;

for a municipality, the body provided by the municipal charter;

for the Washington Suburban Sanitary Commission, the Commission;

for a public corporation, the board of directors; and

for an authority, the board of the authority.

Except as provided in paragraph (2) of this subsection, “public money” means any money held by a governmental entity.

“Public money” does not include money held as part of a pension fund, a fund for other postemployment benefits, as defined in § 17–102(a) of this title, a trust fund account, or a facility closure reserve fund or for self–insurance purposes.

After consulting with the governmental entities, the State Treasurer shall adopt by regulation local government investment guidelines to govern the investment of public money by the entities in a manner that:

Prior to adopting regulations that alter the types of investments in which governmental entities may invest public money, the State Treasurer shall consult with the governmental entities.

specify the types of investments in which public money may be invested;

include guidance for the prudent investment of public money based on cash flow projections, income, liquidity, investment ratings, and risk;

require that investments by a county board of education and a county board of library trustees comply with the local investment policy of the county; and

prohibit the borrowing of money for the express purpose of investment.

meets the needs of the governmental entity; and

is consistent with the local government investment guidelines adopted by the State Treasurer under § 17–204 of this subtitle.

the State Treasurer shall notify the governmental entity; and

the governing authority shall prepare and submit a revised local investment policy that is consistent with the local government investment guidelines.

Each governmental entity shall adopt by resolution, motion, or ordinance a local debt policy that:

Promptly after the adoption of a local debt policy, the governmental entity shall mail a certified copy to the State Treasurer.

If the State Treasurer determines that the local debt policy is not consistent with the Maryland Constitution or any applicable State or local law:

a report of the investment portfolio of the governmental entity; or

a report of the debt portfolio of the governmental entity in the format required under § 16–103 of this article.