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ROBERT L. EHRLICH, JR., Governor Ch. 565
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(i) [contain only securities of the organizations listed in items (1),
(2), and (3) of this subsection;
(ii)] are registered with the Securities and Exchange Commission
under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., as amended;
[and
(iii)] (II) are operated in accordance with Rule 2A-7 of the
Investment Company Act of 1940, 17 C.F.R. § 270.2A-7, as amended; and
(III) HAVE RECEIVED THE HIGHEST POSSIBLE RATING FROM AT
LEAST ONE NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION AS
DESIGNATED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION;
AND
(8) any investment portfolio created under the Maryland Local
Government Investment Pool defined under Article 95, § 22G of the Code that is
administered by the Office of the State Treasurer.
(b) The Treasurer may sell, redeem, or exchange an investment or
reinvestment made under this section in accordance with the limitations of this
section.
(c) Subject to § 2-1246 of the State Government Article, the Treasurer shall
report by January 3 of each year to the General Assembly on investment activities for
unexpended or surplus money over which the Treasurer has custody which have been
conducted during the previous fiscal year. At a minimum, the report shall specify for
General Fund investments and all other investments:
(1) the inventory of investments with maturity dates and the book and
market value as of June 30;
(2) the net income earned;
(3) the percentage share of each category of investment in the portfolio;
and
(4) any sale of investments prior to the maturity date.
(d) An investment made pursuant to this section shall be made:
(1) with the care, skill, prudence, and diligence under the circumstances
then prevailing that a prudent person acting in a like capacity and familiar with such
matters would use in the conduct of an enterprise of a like character and with like
aims;
(2) in a manner designed to reasonably match the anticipated cash flow
of the State so that sufficient funds are available to pay obligations upon proper
presentation for payment;
(3) so that a reasonable amount of cash or cash equivalents is available
for unanticipated cash needs;
- 2733 -
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