<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".04" citation="COMAR 25.03.03.04" title_num="25" subtitle_num="03" chapter_num="03" heading="State Law Requirements for Adoption of Local Government Investment Policy.">
  <paragraph num="A.">
    <text>At a minimum, each adopted policy shall:</text>
    <paragraph num="(1)">
      <text>Allow local government units to invest in only those types of securities authorized by:</text>
      <paragraph num="(a)">
        <text>State Finance and Procurement Article, §6-222(a), Annotated Code of Maryland;</text>
      </paragraph>
      <paragraph num="(b)">
        <text>Local Government Article, §17-201 et seq., Annotated Code of Maryland; and;</text>
      </paragraph>
      <paragraph num="(c)">
        <text>COMAR 25.03.04;</text>
      </paragraph>
    </paragraph>
    <paragraph num="(2)">
      <text>Require that investments made by local government units comply with the standards of COMAR 25.03.04;</text>
    </paragraph>
    <paragraph num="(3)">
      <text>Prohibit the borrowing of money for the sole purpose of investment; and</text>
    </paragraph>
    <paragraph num="(4)">
      <text>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.</text>
    </paragraph>
  </paragraph>
  <paragraph num="B.">
    <text>A local government unit may include additional requirements in its adopted policy.</text>
  </paragraph>
</regulation>