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ROBERT L. EHRLICH, JR., Governor S.B. 330
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This bill expands the level of permissible investment or reinvestment in commercial
paper and authorizing investment or reinvestment in money market mutual funds
that may contain commercial paper holdings by the State Treasurer; and requires the
State Treasurer to notify specified officials and the governing bodies of specified, local
governments about the provisions of the Act.
House Bill 257, which was passed by the General Assembly and allowed to go into
effect without my signature, accomplishes the same purpose. Therefore, it is not
necessary for me to sign Senate Bill 330.
Very truly yours,
Robert L. Ehrlich, Jr.
Governor
Senate Bill No. 330
AN ACT concerning
State Treasurer - Authorized Investments - Commercial Paper
FOR the purpose of altering the characteristics of certain commercial paper in which
the State Treasurer may invest or reinvest unexpended or surplus money;
authorizing investment or reinvestment in certain money market mutual funds
that may contain commercial paper holdings under certain circumstances;
requiring the State Treasurer to notify certain officials and the governing bodies
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;
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