1. A. In this chapter, the following terms have the meanings indicated.

2. B. Terms Defined.

   1. (1) “Investment officer” means:

      1. (a) With respect to the State, the State’s Chief Investment Officer and any other person authorized by the State Treasurer to invest unexpended or surplus money over which the State Treasurer has custody; and
      2. (b) With respect to a local government unit, the treasurer or other financial officer of a local government unit who is responsible for the investment of public money or the issuance and management of debt of the local government unit.
   2. (2) “Local government unit” means a county, a municipality, a community college, the Washington Suburban Sanitary Commission, a public corporation authorized to issue debt, and an authority of the State authorized to issue debt.
   3. (3) “Nationally recognized statistical rating organization” means a nationally recognized statistical rating organization as designated by either the United States Securities and Exchange Commission or the Treasurer.

   4. (4) Public Money.

      1. (a) With respect to the State, “public money” means unexpended or surplus money over which the State Treasurer has custody; and
      2. (b) With respect to a local government unit, “public money” has the meaning stated in Local Government Article, §17-201, Annotated Code of Maryland.
   5. (5) “State Treasurer” means the Treasurer of the State of Maryland.

   6. (6) “Supranational issuer” includes (without limitation):

      1. (a) The World Bank;
      2. (b) The International Finance Corporation;
      3. (c) The Inter–American Development Bank;
      4. (d) The African Development Bank; and
      5. (e) The Asian Development Bank.

Authority: State Finance and Procurement Article, §6-222, Annotated Code of Maryland

Effective date:

Regulations .01—.06 adopted as an emergency provision under new COMAR Chapter .04 Policy Regarding the Investment of Public Money effective April 25, 2024 (51:11 Md. R. 577); emergency status expired October 22, 2024

Regulations .01—.06 adopted under new COMAR Chapter .04 Policy Regarding the Investment of Public Money by the State of Maryland effective November 11, 2024 (51:22 Md. R. 964)

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

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

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