HARRY HUGHES, Governor

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(II)  PAYMENT OF AMOUNTS EQUIVALENT TO
ADMINISTRATIVE EXPENSES FROM THE EARNINGS OF THE POOL;

(III)  DISTRIBUTION OF THE EARNINGS IN
EXCESS OF EXPENSES, OR ALLOCATION OF LOSSES, TO THE SEVERAL
PARTICIPANTS IN A MANNER WHICH EQUITABLY REFLECTS THE
DIFFERING AMOUNT OF THEIR RESPECTIVE INVESTMENTS AND THE
DIFFERING PERIODS OF TIME FOR WHICH THE AMOUNTS WERE IN THE
CUSTODY OF THE POOL.

(B)  THE TREASURER SHALL INVEST MONEYS IN THE LOCAL
GOVERNMENT INVESTMENT POOL WITH THE DEGREE OF JUDGMENT AND
CARE, UNDER CIRCUMSTANCES THEN PREVAILING, WHICH PERSONS OF
PRUDENCE, DISCRETION, AND INTELLIGENCE EXERCISE IN THE
MANAGEMENT OF THEIR OWN AFFAIRS. THE TREASURER SHALL INVEST
MONEYS FOR INVESTMENT PURPOSES AND SHALL CONSIDER FIRST THE
PROBABLE SAFETY OF CAPITAL AND SECONDLY THE PROBABLE INCOME

TO BE DERIVED. THE TREASURER MAY NOT SPECULATE IN

ACCORDANCE WITH THE PROVISIONS SET FORTH IN SECTION 22 OF
THIS ARTICLE.

(C) (1) THE GOVERNING AUTHORITY OF ANY LOCAL
GOVERNMENT HAVING FUNDS WHICH ARE AVAILABLE FOR INVESTMENT
AND WHICH ARE NOT REQUIRED BY LAW OR BY ANY COVENANT OR
AGREEMENT WITH BONDHOLDERS OR OTHERS TO BE SEGREGATED AND
INVESTED IN A DIFFERENT MANNER MAY DIRECT ITS FINANCIAL
OFFICER TO REMIT FUNDS TO THE TREASURER FOR INVESTMENT AS
PART OF THE LOCAL GOVERNMENT INVESTMENT POOL.

(2)  UPON DETERMINATION BY THE LOCAL GOVERNING
AUTHORITY THAT IT IS IN THE BEST INTEREST OF THE LOCAL
GOVERNMENT TO DEPOSIT FUNDS IN THE INVESTMENT POOL, IT SHALL
ADOPT AND FILE WITH THE TREASURER A CERTIFIED COPY OF A
RESOLUTION OR ORDINANCE AUTHORIZING INVESTMENT OF ITS FUNDS
IN THE INVESTMENT POOL. THE RESOLUTION OR ORDINANCE SHALL
NAME THE LOCAL GOVERNMENT OFFICIAL OR OFFICIALS RESPONSIBLE
FOR DEPOSIT AND WITHDRAWAL OF SUCH FUNDS.

(3)  THE RESOLUTION OR ORDINANCE FILED WITH THE
TREASURER SHALL BE ACCOMPANIED BY A STATEMENT AS TO THE
APPROXIMATE CASH FLOW REQUIREMENTS OF THE LOCAL GOVERNMENT
FOR THE INVESTED FUNDS. SUBSEQUENT DEPOSITS INTO THE
INVESTMENT POOL SHALL BE ACCOMPANIED BY A STATEMENT AS TO
THE INTENDED DURATION OF THE INVESTMENT OR THE ANTICIPATED
DATE OF WITHDRAWAL OF THE FUNDS FROM THE POOL.

(D)  A SEPARATE ACCOUNT DESIGNATED BY NAME OR NUMBER
FOR EACH PARTICIPANT IN THE FUND SHALL BE KEPT TO RECORD
INDIVIDUAL TRANSACTIONS AND TOTALS OF ALL INVESTMENTS
BELONGING TO EACH PARTICIPANT. A MONTHLY REPORT SHOWING THE
CHANGES IN INVESTMENTS MADE DURING THE PRECEDING MONTH SHALL
BE FURNISHED TO EACH PARTICIPANT IN THE INVESTMENT POOL.
DETAILS OF ANY INVESTMENT TRANSACTION SHALL BE FURNISHED TO
ANY PARTICIPANT UPON REQUEST.