PARRIS N. GLENDENING, Governor

H.B. 582

(vi) For a municipal corporation, the body provided by the municipal

charter; AND

(vii) For the Washington Suburban Sanitary Commission, the
Commission!; and

Commission].

(viii) For the Washington Suburban Transit Commission, the

(6) "Local government unit" means:

(i)     Baltimore City;

(ii)    A community college;

(iii)   A county;

(iv)    A municipal corporation; OR

(v)    The Washington Suburban Sanitary Commission [; or

(vi)   The Washington Suburban Transit Commission].

(e) (1) This subsection only applies to a local government unit whose total
annual [ budget exceeds] EXPENDITURES FOR TOTAL OPERATIONS, AS REPORTED IN
THE MOST RECENT PUBLICATION BY THE DEPARTMENT OF FISCAL SERVICES
ENTITLED "LOCAL GOVERNMENT FINANCES IN MARYLAND", EXCEED $1,000,000.

(2)     (i) On or before January 15 and July 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 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 and July 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 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.

- 4791 -