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2006 LAWS OF MARYLAND
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Ch. 565
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of certain local government units about the provisions of this Act; and generally
relating to authorized investments in commercial paper by the State Treasurer.
BY repealing and reenacting, with amendments,
Article - State Finance and Procurement
Section 6-222
Annotated Code of Maryland
(2001 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - State Finance and Procurement
6-222.
(a) The Treasurer may invest or reinvest unexpended or surplus money over
which the Treasurer has custody in:
(1) an obligation for which the United States has pledged its faith and
credit for the payment of the principal and interest;
(2) an obligation that a federal agency or a federal instrumentality has
issued in accordance with an act of Congress;
(3) a repurchase agreement collateralized in an amount not less than
102% of the principal amount by an obligation of the United States, its agencies or
instrumentalities, provided the collateral is held by a custodian other than the seller
designated by the buyer;
(4) bankers' acceptances guaranteed by a financial institution with a
short-term debt rating in the highest letter and numerical rating by at least one
nationally recognized statistical rating organization as designated by either the
United States Securities and Exchange Commission or the Treasurer;
(5) with respect to amounts treated by the Internal Revenue Service as
bond sale proceeds only, bonds, notes, or other obligations of investment grade in the
highest quality letter and numerical rating by at least one nationally recognized
statistical rating organization as designated by the United States Securities and
Exchange Commission issued by or on behalf of this or any other state or any agency,
department, county, municipal or public corporation, special district, authority, or
political subdivision thereof, or in any fund or trust that invests only in securities of
the type described in this paragraph;
(6) commercial paper that has received the highest letter and numerical
rating by at least [one] TWO nationally recognized statistical rating [organization]
ORGANIZATIONS as designated by the United States Securities and Exchange
Commission, provided that such commercial paper may not exceed [5%] 10% of the
total investments made by the Treasurer under this subsection;
(7) money market mutual funds that:
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