Md. Code Regs. 25.03.03.04

Current through Register Vol. 51, No. 12, June 14, 2024

Section 25.03.03.04 - [Effective 10/22/2024] State Law Requirements for Adoption of Local Government Investment Policy

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.

Md. Code Regs. 25.03.03.04

Regulations .04 adopted as an emergency provision effective August 1, 1995 (22:17 Md. R. 1310); emergency status expired February 1, 1996
Regulations .04 adopted effective February 26, 1996 (23:4 Md. R. 274); amended effective 51:11 Md. R. 577, effective 4/25/2024, exp. 10/22/2024 (Emergency).