Plain Text Law

Regulation .04 State Law Requirements for Adoption of Local Government Investment Policy.

Regulation .04 State Law Requirements for Adoption of Local Government Investment Policy.Copy Citation

A.
At a minimum, each adopted policy shall:
(1)
Allow local government units to invest in only those types of securities authorized by:
(a)
State Finance and Procurement Article, §6-222(a), Annotated Code of Maryland;
(b)
Local Government Article, §17-201 et seq., Annotated Code of Maryland; and;
(c)
COMAR 25.03.04;
(2)
Require that investments made by local government units comply with the standards of COMAR 25.03.04;
(3)
Prohibit the borrowing of money for the sole purpose of investment; and
(4)
Require that the local government unit’s financial officer not invest public money of the local government unit in a manner inconsistent with its adopted policy.
B.
A local government unit may include additional requirements in its adopted policy.