Chapter 03. Local Government Investment Guidelines and Reporting Requirements

“Accepted policy” means an adopted policy that has been accepted by the State Treasurer in accordance with Regulation .06 of this chapter.

“Adopted policy” means a local government investment policy which has been properly adopted by the local government unit in accordance with the requirements of local law, Regulation .05 of this chapter, and COMAR 24.03.04.

“Board of education” has the meaning stated in Education Article, §1-101(d), Annotated Code of Maryland.

“Board of library trustees” means those boards established pursuant to Education Article, Title 23, Subtitle 3, Annotated Code of Maryland.

“Community college” means a community college other than the Baltimore City Community College and a regional community college established under Education Article, Title 16, Subtitle 2, Annotated Code of Maryland.

“Financial officer” has the meaning stated in Local Government Article, §17-201, Annotated Code of Maryland.

“GFOA” means the Government Finance Officers Association of the United States and Canada.

“Governing body” has the meaning stated in Local Government Article, §1-101, Annotated Code of Maryland.

“Local government unit” means a county, a municipality, a community college, the Washington Suburban Sanitary Commission, a public corporation authorized to issue debt, and an authority of the State authorized to issue debt.

“Marked to market” means the price at which a security is trading.

“Money market mutual fund” means a mutual fund registered with the Securities and Exchange Commission under the Investment Company Act of 1940, 15 U.S.C. §80a-1 et seq., as amended, and operated in accordance with Rule 2A-7 promulgated under the Investment Company Act of 1940, 17 CFR §270.2A-7, as amended.

“Public money” has the meaning stated in COMAR 25.03.04.

“State Treasurer” means the Treasurer of Maryland.

Complies with State and local law, including:

Meets or exceeds standards published by nationally recognized financial management organizations recognized by the State Treasurer.

GFOA; and

Association of Public Treasurers of the United States and Canada.

Allow local government units to invest in only those types of securities authorized by:

Require that investments made by local government units comply with the standards of COMAR 25.03.04;

Prohibit the borrowing of money for the sole purpose of investment; and

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.

Complies with the requirements of local and State law;

Satisfies the requirements of Regulations .03 and .04 of this chapter and COMAR 25.03.04; and

Meets the individual needs of the local government unit.

Notify the governing body of the local government unit that its adopted policy has been accepted; or

Return the adopted policy to the governing body of the local government unit for revision and readoption.

Revised promptly;

Readopted by the governing body of the local government unit in accordance with Regulation .05A of this chapter; and

Resubmitted to the State Treasurer in accordance with Regulation .05B of this chapter.

The proposed language of the amendment;

A certified copy of the adopting resolution of the local government unit; and

A certified copy of the revised local government investment policy which shall contain the amendment.

State Finance and Procurement Article, §6-222, Annotated Code of Maryland;

Local Government Article, §17-201 et seq., Annotated Code of Maryland; or

COMAR 25.03.04.