Ch. 143

1995 LAWS OF MARYLAND

TREASURER SHALL NOTIFY THE LOCAL GOVERNMENT UNIT AND THE GOVERNING
BODY OF THE LOCAL GOVERNMENT UNIT SHALL PREPARE AND SUBMIT A REVISED
LOCAL INVESTMENT POLICY THAT IS CONSISTENT WITH THE STATE TREASURER'S
GUIDELINES.

(3) IF THE GOVERNING BODY OF A LOCAL GOVERNMENT UNIT AMENDS
ITS LOCAL INVESTMENT POLICY, THE LOCAL GOVERNMENT SHALL SUBMIT ITS NEW
POLICY TO THE STATE TREASURER CONSISTENT WITH THE PROVISIONS OF
PARAGRAPH (2) OF THIS SUBSECTION.

(D) AN INVESTMENT MANAGER MAY NOT INVEST PUBLIC FUNDS OF THE
LOCAL GOVERNMENT UNIT IN A MANNER INCONSISTENT WITH THE LOCAL
INVESTMENT POLICY.

(E)     (1) THIS SUBSECTION ONLY APPLIES TO A LOCAL GOVERNMENT UNIT
WHOSE TOTAL ANNUAL BUDGET EXCEEDS $1,000,000.

(2)      (I) ON OR BEFORE JANUARY 15, APRIL 15, AND JULY 15, AND
OCTOBER 15 OF EACH YEAR, BEGINNING OCTOBER 1995 AND CONTINUING
THROUGH OCTOBER 1999, THE INVESTMENT MANAGER SHALL COMPLETE THE FORM
ADOPTED BY THE STATE TREASURER TO REPORT ALL INVESTMENTS OF THE LOCAL
GOVERNMENT UNIT ON THE CLOSE OF THE FINAL DAY OF THE IMMEDIATELY
PRECEDING QUARTER HALF OF THE. FISCAL YEAR.

(II) THE INVESTMENT MANAGER SHALL CERTIFY THE ACCURACY
OF THE FORM AND THAT THE INVESTMENTS REPORTED ON THE FORM ARE IN
COMPLIANCE WITH THE LOCAL INVESTMENT POLICY AND PROMPTLY SUBMIT THE
FORM TO THE CHIEF EXECUTIVE.

(3)      (I) ON OR BEFORE JANUARY 30, APRIL 30, AND JULY 30, AND
OCTOBER 30 OF EACH YEAR, BEGINNING OCTOBER 1995 AND CONTINUING
THROUGH OCTOBER 1999, THE CHIEF EXECUTIVE SHALL REVIEW THE FORM
RECEIVED FROM THE INVESTMENT MANAGER.

(II) THE CHIEF EXECUTIVE SHALL CERTIFY THE DATE ON WHICH
THE FORM WAS RECEIVED AND THAT THE CHIEF EXECUTIVE HAS REVIEWED THE
FORM TO VERIFY THAT THE INFORMATION COMPLIES WITH THE LOCAL
INVESTMENT POLICY AND PROMPTLY MAIL A COPY OF THE COMPLETED CERTIFIED
FORM TO THE STATE TREASURER.

(4)      THE STATE TREASURER SHALL REVIEW THE FORMS FOR TO VERIFY
THAT THE CHIEF EXECUTIVE, A GOVERNING BODY, OR AN INDEPENDENT AUDITOR
ENGAGED BY THE CHIEF EXECUTIVE OR A GOVERNING BODY HAS CERTIFIED
THEIR COMPLIANCE WITH THIS SECTION AND THE LOCAL GOVERNMENT
INVESTMENT GUIDELINES.

(F)      (1) THE STATE TREASURER SHALL CONTACT THE LOCAL GOVERNMENT
UNIT TO SEEK COMPLIANCE IF A LOCAL GOVERNMENT UNIT FAILS TO:

(I) ADOPT A LOCAL INVESTMENT POLICY THAT IS CONSISTENT
WITH THE LOCAL GOVERNMENT INVESTMENT GUIDELINES ADOPTED BY THE STATE
TREASURER; OR

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