PARRIS N. GLENDENING, Governor                            H.B. 108

Local Government Investment Policy and Investment of State Funds in Local Government

Investment Pool

FOR the purpose of requiring the State Treasurer to adopt local government investment
guidelines; requiring that the local government investment guidelines include
certain information, prohibit certain borrowing, and require local boards of
education and boards of library trustees to comply with certain policies; requiring
that the guidelines include a certain form for certain reporting purposes; requiring
that each county, Baltimore City, each municipal corporation, each community
college other than Baltimore City Community College, the Washington Suburban
Sanitary Commission, and the Washington Suburban Transit Commission adopt a
local investment policy by a specified date; requiring that a local investment policy
meet certain criteria and that it be submitted to the State Treasurer in a certain
manner; prohibiting the investment of certain funds in a manner that is inconsistent
with certain policy; requiring that certain local government units submit, during a
certain time period, certain quarterly semiannual reports to the State Treasurer in
a certain manner; requiring the State Treasurer to review the quarterly semiannual
reports; requiring the State Treasurer to take certain actions relating to compliance;
authorizing the Joint Committee on the Management of Public Funds to request the
Attorney General to take certain action; providing that, to the extent of any conflict,
certain provisions and the local government investment guidelines supersede certain
laws; authorizing the State Treasurer to invest State funds in the Local Government
Investment Pool; repealing an obsolete provision concerning the operation of the
Local Government Investment Pool; declaring the intent of the General Assembly
concerning adoption of a certain regulation; defining certain terms; providing for
the effective date of this Act; and generally relating to the regulation of investment
practices of local government, community colleges, the WSSC, and the WSTC, and
the administration of the Local Government Investment Pool.

BY repealing and reenacting, with amendments,
Article 95 - Treasurer
Section 22 and 22G
Annotated Code of Maryland
(1991 Replacement Volume and 1994 Supplement)

BY adding to

Article 95 - Treasurer

Section 22F

Annotated Code of Maryland

(1991 Replacement Volume and 1994 Supplement)

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

Article 95 - Treasurer

22.

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