PARRIS N. GLENDENING, Governor                             Ch. 304

STATISTICAL RATING ORGANIZATION AS DESIGNATED BY THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION, PROVIDED THAT SUCH COMMERCIAL
PAPER MAY NOT EXCEED 3% 5% OF THE TOTAL INVESTMENTS MADE BY THE
TREASURER UNDER THIS SUBSECTION:

(7)     MONEY MARKET MUTUAL FUNDS REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION UNDER THE INVESTMENT COMPANY ACT
OF 1940, 15 U.S.C. § 80(A), AS AMENDED, AND OPERATED IN ACCORDANCE WITH RULE
2A-7 OF THE INVESTMENT COMPANY ACT OF 1940, 17 C.F.R. § 270.2A-7, AS AMENDED, AND
THAT HAVE RECEIVED THE HIGHEST POSSIBLE RATING BY FROM AT LEAST ONE
NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION AS DESIGNATED
BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR AS
APPROVED BY THE TREASURER; 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)      [(1)] Subject to § 2-1312 of the State Government Article, the Treasurer shall
report by January 3 of each year to the General Assembly on [any investments made
under subsection (a)(6) of this section] INVESTMENT ACTIVITIES FOR 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.
[(2) The report shall include a detailed review of:

(i) the amount and duration of each investment;

(ii) the net interest or net income earned on the investment; and

(iii) any management fee or other fees or expenses paid directly by the
Treasurer in connection with the investment.]

(D) AN INVESTMENT MADE PURSUANT TO THIS SECTION SHALL BE MADE:

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