1. A. At a minimum, each adopted policy shall:

   1. (1) Allow local government units to invest in only those types of securities authorized by:

      1. (a) State Finance and Procurement Article, §6-222(a), Annotated Code of Maryland;
      2. (b) Local Government Article, §17-201 et seq., Annotated Code of Maryland; and;
      3. (c) COMAR 25.03.04;
   2. (2) Require that investments made by local government units comply with the standards of COMAR 25.03.04;
   3. (3) Prohibit the borrowing of money for the sole purpose of investment; and
   4. (4) Require that the local government unit’s financial officer not invest public money of the local government unit in a manner inconsistent with its adopted policy.
2. B. A local government unit may include additional requirements in its adopted policy.

Authority: Local Government Article, Title 17, Subtitle 2; State Finance and Procurement Article, §6-222; Annotated Code of Maryland

Effective date:

Regulations .01—.09 adopted as an emergency provision effective August 1, 1995 (22:17 Md. R. 1310); emergency status expired February 1, 1996

Regulations .01—.09 adopted effective February 26, 1996 (23:4 Md. R. 274)

Regulation .01 amended as an emergency provision effective April 25, 2024 (51:11 Md. R. 577); emergency status expired October 22, 2024

Regulation .01 amended effective April 28, 2025 (52:8 Md. R. 361)

Regulation .02B amended as an emergency provision effective April 25, 2024 (51:11 Md. R. 577); emergency status expired October 22, 2024

Regulation .02B amended effective April 28, 2025 (52:8 Md. R. 361)

Regulation .03A, B amended as an emergency provision effective April 25, 2024 (51:11 Md. R. 577); emergency status expired October 22, 2024

Regulation .03 amended effective April 28, 2025 (52:8 Md. R. 361)

Regulation .04A amended as an emergency provision effective April 25, 2024 (51:11 Md. R. 577); emergency status expired October 22, 2024

Regulation .04C repealed as an emergency provision effective April 25, 2024 (51:11 Md. R. 577); emergency status expired October 22, 2024

Regulation .04A, C amended effective April 28, 2025 (52:8 Md. R. 361)

Regulation .05A amended as an emergency provision effective April 25, 2024 (51:11 Md. R. 577); emergency status expired October 22, 2024

Regulation .05A amended effective April 28, 2025 (52:8 Md. R. 361)

Regulation .06A amended as an emergency provision effective April 25, 2024 (51:11 Md. R. 577); emergency status expired October 22, 2024

Regulation .06A amended effective April 28, 2025 (52:8 Md. R. 361)

Regulation .08A amended effective December 14, 1998 (25:25 Md. R. 1835)

Regulation .08 repealed effective February 19, 2001 (28:3 Md. R. 207)

Regulation .09 amended effective February 19, 2001 (28:3 Md. R. 207)

Regulation .09 amended as an emergency provision effective April 25, 2024 (51:11 Md. R. 577); emergency status expired October 22, 2024

Regulation .09 amended effective April 28, 2025 (52:8 Md. R. 361)