§ 17-204. Adoption and requirements

   (a) Adoption. -- After consulting with the governmental entities, the State Treasurer shall adopt by regulation local government investment guidelines to govern the investment of public money by the entities in a manner that:

   (1) facilitates sound cash management;

   (2) protects the public; and

   (3) ensures that each entity has access to its public money.

(b) Requirements. -- The local government investment guidelines shall:

   (1) specify the types of investments in which public money may be invested;

   (2) include guidance for the prudent investment of public money based on cash flow projections, income, liquidity, investment ratings, and risk;

   (3) require that investments by a county board of education and a county board of library trustees comply with the local investment policy of the county; and

   (4) prohibit the borrowing of money for the express purpose of investment.

HISTORY: An. Code 1957, art. 95, § 22F(c)(1); 2013, ch. 119, § 2.