Code of Maryland Regulations
Title 25 - OFFICE OF THE STATE TREASURER
Subtitle 03 - TREASURY MANAGEMENT
Chapter 25.03.03 - Local Government Investment Guidelines and Reporting Requirements
Section 25.03.03.02 - Definitions

(1) "Accepted policy" means an adopted policy that has been accepted by the State Treasurer in accordance with Regulation .06 of this chapter.

(2) "Adopted policy" means a local government investment policy which has been properly adopted by the local government unit in accordance with the requirements of both local law and Regulation .05 of this chapter.

(3) "Bankers' acceptances" means an order to pay a sum certain on a certain day to the holder which is drawn on and accepted by the bank that assumes responsibility to make payment to the holder.

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

(5) "Board of library trustees" means those boards established pursuant to Education Article, Title 23, Subtitle 3, Annotated Code of Maryland.

(6) "Certificate of deposit" means an interest-bearing negotiable instrument of fixed maturity issued by a commercial bank.

(7) "Chief Executive" has the meaning stated in Article 95, § 22F, Annotated Code of Maryland.

(8) "Commercial paper" means an unsecured promissory note with a fixed maturity of 270 days or less.

(9) "Community college" has the meaning stated in Article 95, § 22F, Annotated Code of Maryland.

(10) "Direct federal obligation" means a security issued by the United States Treasury, the principal and interest of which are guaranteed by the full faith and credit of the United States.

(11) "Federal agency obligation" means securities issued by entities that are United States government agencies or by a federal instrumentality created by Congress to advance federal policy through the issuance of securities, such as the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Bank, the Federal Farm Credit Bank, and the Student Loan Marketing Association.

(12) "GFOA" means the Government Finance Officers Association of the United States and Canada.

(13) "Governing body" has the meaning stated in Article 95, § 22F, Annotated Code of Maryland.

(14) "Investment manager" has the meaning stated in Article 95, § 22F, Annotated Code of Maryland.

(15) "Local government investment pool" has the meaning stated in Article 95, § 22G, Annotated Code of Maryland.

(16) "Local government unit" has the meaning stated in Article 95, § 22F, Annotated Code of Maryland.

(17) "Marked to market" means the price at which a security is trading.

(18) "Money market mutual funds" means a mutual fund registered with the Securities and Exchange Commission under the Investment Company Act of 1940, 15 U.S.C. § 80(A), as amended, and operated in accordance with Rule 2A-7 of the Investment Company Act of 1940, 17 CFR § 270.2A-7, as amended.

(19) "Municipal securities" means debt issued by state and local governments and their agencies.

(20) "Municipal Treasurer's Association" means the Municipal Treasurers' Association of the United States and Canada.

(21) "Net asset value" means the bid price of a mutual fund share.

(22) "Public funds" has the meaning stated in Article 95, § 22F, Annotated Code of Maryland.

(23) "Repurchase agreement" means an investment in which an investor buys a security from a broker for a specified period at an agreed rate of interest and the broker agrees to repurchase the security at a specific time for the original purchase price plus the interest accrued.

(24) "Reverse repurchase agreement" means a method of borrowing using a security as collateral for a loan when the owner sells the security for a stated term with an agreement to repurchase the security at the sales price and an agreed-upon interest rate.

(25) "State Treasurer" means the Treasurer of Maryland.