Md. Code Regs. 25.03.03.04

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

Section 25.03.03.04 - [Effective until 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(b), Annotated Code of Maryland;

(b) Local Government Article, § 17-201 et seq., Annotated Code of Maryland; and

(c) COMAR 25.03.04;

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

(3) Prohibit the borrowing of money for the sole purpose of investment; and

(4) 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.

B. A local government unit may include additional requirements in its adopted policy.

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).