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 25.03.03.04 - State Law Requirements for Adoption of Local Government Investment Policy
Universal Citation: MD Code Reg 25.03.03.04
Current through Register Vol. 51, No. 26, December 27, 2024
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, or
(b) Article 95, 22-----22N, Annotated Code of Maryland;
(2) Require that investments made by local government units comply with the standards of State Finance and Procurement Article, §
6-222(d);
(3) Prohibit the borrowing of money for the sole purpose of investment; and
(4) Require that the local government unit's investment manager not invest public funds 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.
C. In addition to A and B of this regulation, the adopted policy of a board of education or a board of library trustees shall comply with the provisions of the adopted policy for the county in which the board of education or board of library trustees is located.
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