Code of Maryland Regulations › Title 25 - OFFICE OF THE STATE TREASURER › Subtitle 03 - TREASURY MANAGEMENT › Chapter 25.03.03 - Local Government Investment Guidelines and Reporting Requirements › Section 25.03.03.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this
				chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Accepted policy" means an adopted policy
				that has been accepted by the State Treasurer in accordance with Regulation .06
				of this chapter.
(2) "Adopted
				policy" means a local government investment policy which has been properly
				adopted by the local government unit in accordance with the requirements of
				both local law and Regulation .05 of this chapter.
(3) "Bankers' acceptances" means an order to
				pay a sum certain on a certain day to the holder which is drawn on and accepted
				by the bank that assumes responsibility to make payment to the
				holder.
(4) "Board of education"
				has the meaning stated in Education Article, §
										1-101(d),
				Annotated Code of Maryland.
(5)
				"Board of library trustees" means those boards established pursuant to
				Education Article, Title 23, Subtitle 3, Annotated Code of Maryland.
(6) "Certificate of deposit" means an
				interest-bearing negotiable instrument of fixed maturity issued by a commercial
				bank.
(7) "Chief Executive" has the
				meaning stated in Article 95, § 22F, Annotated Code of Maryland.
(8) "Commercial paper" means an unsecured
				promissory note with a fixed maturity of 270 days or less.
(9) "Community college" has the meaning
				stated in Article 95, § 22F, Annotated Code of Maryland.
(10) "Direct federal obligation" means a
				security issued by the United States Treasury, the principal and interest of
				which are guaranteed by the full faith and credit of the United
				States.
(11) "Federal agency
				obligation" means securities issued by entities that are United States
				government agencies or by a federal instrumentality created by Congress to
				advance federal policy through the issuance of securities, such as the
				Government National Mortgage Association, the Federal National Mortgage
				Association, the Federal Home Loan Bank, the Federal Farm Credit Bank, and the
				Student Loan Marketing Association.
(12) "GFOA" means the Government Finance
				Officers Association of the United States and Canada.
(13) "Governing body" has the meaning stated
				in Article 95, § 22F, Annotated Code of Maryland.
(14) "Investment manager" has the meaning
				stated in Article 95, § 22F, Annotated Code of Maryland.
(15) "Local government investment pool" has
				the meaning stated in Article 95, § 22G, Annotated Code of
				Maryland.
(16) "Local government
				unit" has the meaning stated in Article 95, § 22F, Annotated Code of
				Maryland.
(17) "Marked to market"
				means the price at which a security is trading.
(18) "Money market mutual funds" means a
				mutual fund registered with the Securities and Exchange Commission under the
				Investment Company Act of 1940, 15 U.S.C. § 80(A), as amended, and
				operated in accordance with Rule 2A-7 of the Investment Company Act of 1940,
				17 CFR §
											270.2A-7, as amended.
(19) "Municipal securities" means debt issued
				by state and local governments and their agencies.
(20) "Municipal Treasurer's Association"
				means the Municipal Treasurers' Association of the United States and
				Canada.
(21) "Net asset value"
				means the bid price of a mutual fund share.
(22) "Public funds" has the meaning stated in
				Article 95, § 22F, Annotated Code of Maryland.
(23) "Repurchase agreement" means an
				investment in which an investor buys a security from a broker for a specified
				period at an agreed rate of interest and the broker agrees to repurchase the
				security at a specific time for the original purchase price plus the interest
				accrued.
(24) "Reverse repurchase
				agreement" means a method of borrowing using a security as collateral for a
				loan when the owner sells the security for a stated term with an agreement to
				repurchase the security at the sales price and an agreed-upon interest
				rate.
(25) "State Treasurer" means
				the Treasurer of Maryland.