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LAWS OF MARYLAND

Ch. 7

Section 6-222

Annotated Code of Maryland

(1985 Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 95 - Treasurer

22G.

(a) (1) There is a local government investment pool. The
local government investment pool consists of the aggregate of all
funds from local governments that are placed in the custody of
the State for investment and reinvestment.

(2)  The investment policies for the local government
investment pool shall be established by the Treasurer.

(3)  The Treasurer shall administer the local
government investment pool on behalf of the participating local
governments.

(4)  The Treasurer shall develop such procedures
necessary for the efficient administration of the pool,
including:

(i) Specification of minimum amounts which may
be deposited in the pool and minimum periods of time for which
deposits shall be retained in the pool;

(ii) Payment of amounts equivalent to
administrative expenses from the earnings of the pool;

(iii) Distribution of the earnings in excess of
expenses, or allocation of losses, to the several participants in
a manner which equitably reflects the differing amount of their
respective investments and the differing periods of time for
which the amounts were in the custody of the pool.

(i) (1) [The] EXCEPT AS PROVIDED IN THIS SUBSECTION, THE
Treasurer may not invest State funds in the local government
investment pool.

(2) IF THE TREASURER DETERMINES THAT CERTAIN FUNDS
MUST, FOR INVESTMENT PURPOSES, BE SEGREGATED FROM THE STATE
TREASURY, THE TREASURER MAY AUTHORIZE CLERKS OF COURT, REGISTERS
OF WILLS, AND OTHER STATE AGENCIES TO DEPOSIT FUNDS IN THE LOCAL
GOVERNMENT INVESTMENT POOL.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall

take effect July 1, 1986.