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ROBERT L. EHRLICH, JR., Governor
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S.B. 333
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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;
(4) with due regard for minimizing risk while maximizing return;
(5) using competitive purchasing practices except when impractical;
(6) in accordance with a written investment policy;
(7) so that the securities and collateral may continue to be priced on a
market to market basis; and
(8) to avoid the enhancement of the personal financial position of the
Treasurer or any employee of the Treasurer who has responsibilities for such
investments.
SECTION 2. AND BE IT FURTHER ENACTED, That prior to the effective date
of this Act, the Treasurer shall notify in writing the chief executive and governing
body of each local government unit required to have a local investment policy under
Article 95, Section 22F of the Code, to notify them of the changes contained in this Act
and to provide them an opportunity to review, revise, and report any changes in the
local investment policies to the Treasurer, as appropriate.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2006.
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May 26, 2006
- 3017 -
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