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PARRIS N. GLENDENING, Governor
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S.B. 793
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(P) (1) THE RESERVE INVESTMENTS OF A LIFE INSURER MAY INCLUDE
MONEY MARKET MUTUAL FUNDS AS DEFINED BY 17 CFR 270.2A-7 UNDER THE
INVESTMENT COMPANY ACT OF 1940 (15 U.S.C. 80A-1 ET SEQ.) THAT MAY BE EITHER
OF THE FOLLOWING:
(I) GOVERNMENT MONEY MARKET MUTUAL FUND, WHICH IS A
MONEY MARKET MUTUAL FUND THAT:
1. INVESTS ONLY IN OBLIGATIONS ISSUED, GUARANTEED,
OR INSURED BY THE FEDERAL GOVERNMENT OF THE UNITED STATES OR
COLLATERALIZED REPURCHASE AGREEMENTS COMPOSED OF THESE OBLIGATIONS;
AND
2. QUALIFIES FOR INVESTMENT WITHOUT A RESERVE
UNDER THE PURPOSES AND PROCEDURES OF THE SECURITIES VALUATION OFFICE
OR ANY SUCCESSOR PUBLICATION; OR
(II) CLASS ONE MONEY MARKET MUTUAL FUND, WHICH IS A
MONEY MARKET MUTUAL FUND THAT QUALIFIES FOR INVESTMENT USING THE
BOND CLASS ONE RESERVE FACTOR UNDER THE PURPOSES AND PROCEDURES OF
THE SECURITIES VALUATION OFFICE OR ANY SUCCESSOR PUBLICATION.
(2) FOR PURPOSES OF DETERMINING WHETHER A MONEY MARKET
MUTUAL FUND IS TO BE CLASSIFIED AS AN EQUITY INTEREST OR WITHIN THIS
SUBSECTION, MONEY MARKET FUNDS QUALIFYING FOR LISTING WITHIN THIS
SUBSECTION MUST CONFORM TO THE PURPOSES AND PROCEDURES OF THE
SECURITIES VALUATION OFFICE OR ANY SUCCESSOR PUBLICATION.
(Q) THE RESERVE INVESTMENTS OF A LIFE INSURER MAY INCLUDE OTHER OR
ADDITIONAL INVESTMENTS AS MAY BE PERMITTED UNDER REGULATIONS ADOPTED
BY THE COMMISSIONER
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2000.
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May 18, 2000
The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis MD 21401
Dear Mr. President:
In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed Senate Bill 793 - Judith P. Hoyer Early Child Care and Education
Enhancement Program.
This bill establishes the Judith P. Hoyer Early Child Care and Education
Enhancement Program to promote school readiness through developing and
expanding high quality, comprehensive, full-day early child care and education
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- 4143 -
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