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.