City of Crisfield, MD
Somerset County
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Mayor and Council of the City of Crisfield 10-25-1995 as Ord. No. 493. Amendments noted where applicable.]
Funds of the City of Crisfield, Maryland, its agencies, boards, commissions and subunits, if invested, shall only be invested in those types of securities described and permitted in the State Finance and Procurement Article of the Annotated Code of Maryland, § 6-222(a) and/or the Annotated Code of Maryland, Article 95, §§ 22 through 22N. Any and all investments made by the City of Crisfield, Maryland, its agencies, boards, commissions and subunits shall be made in compliance with the standards of § 6-222(d) of the State Finance and Procurement Article of the Annotated Code of Maryland. The Clerk-Treasurer of the City of Crisfield, the Mayor and any other person who shall hereinafter be empowered to act as an investment manager or who shall occupy that status or perform that function shall comply with the standards of § 6-222(d) of the State Finance and Procurement Article of the Annotated Code of Maryland. Money may not be borrowed by the City of Crisfield, Maryland, its agencies, boards, commissions or subunits solely for the purpose of investment; provided, however, that nothing contained herein shall prohibit the City of Crisfield, Maryland, while adhering to the other standards, requirements and prohibitions contained herein, from placing money borrowed for specific and stated purposes in a recognized investment vehicle until its actual expenditure is required and made. No officer, agent, employee or servant of the City of Crisfield, its agencies, boards, commissions or subunits, including, but not limited to, its Clerk-Treasurer and Mayor, may invest public funds of the City of Crisfield, Maryland, its agencies, boards, commissions or subunits in a manner inconsistent with the policy stated herein.
In any year in which the total annual budget for the City of Crisfield, Maryland, its agencies, boards, commissions or subunits shall exceed $1,000,000, beginning October 1, 1995, and continuing through October 1, 1999, the city shall file with the State Treasurer an investment report for the period ending on the final day of the immediately preceding half of the fiscal year in such a timely fashion that the reports are calculated to be received by the State Treasurer on or before January 15 and on or before July 15 of each applicable year. Said reports shall comply with the following requirements:
A. 
They shall take a form substantially the same as that set forth and promulgated in the Rules and Regulations of the Office of the State Treasurer, subtitle three, Treasury Management, Chapter 4, Local Government Investment Guidelines and Reporting Requirements.
B. 
They shall be prepared by or at the direction of the Clerk-Treasurer who shall certify the accuracy of the report and the fact that it reflects an investment policy which is in compliance with the city's policy, as approved by the State Treasurer.
C. 
The Mayor of the City of Crisfield, Maryland, shall certify the date upon which the form was received from the Clerk-Treasurer and the fact that the Mayor has checked the report and verified that the information contained in it complies with the approved policy. The report, having been certified by the Clerk-Treasurer and the Mayor, shall be promptly returned by the Mayor to the Clerk-Treasurer, who, in turn, shall be responsible for promptly mailing the report to the State Treasurer.
A. 
Immediately upon final passage of this chapter, the Clerk Treasurer shall cause an exact copy of the same to be transmitted to the State Treasurer as the "Adopted Policy of the City of Crisfield, Maryland," pursuant to the sections of the Maryland Annotated Code previously cited. Upon the ordinance being accepted by the State Treasurer, it shall constitute the accepted policy for investment guidelines and reporting requirements of the City of Crisfield, Maryland. In the event that the city desires to amend its investment guidelines and reporting requirements, it may do so only by ordinance and by adhering to the requirements of Article 95, § 22F of the Annotated Code of Maryland, and § 6-222 of the State Finance and Procurement Article of the Annotated Code of Maryland, together with the rules and regulations promulgated by the Office of the State Treasurer pursuant thereto.
B. 
This chapter shall be known as the "Investment Guidelines Ordinance for the City of Crisfield, Maryland."