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S.B. 330
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VETOES
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(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% 20% 10%
of the total investments made by the Treasurer under this subsection;
(7) money market mutual funds that:
(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
- 3016 -
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