Investments

The Investment Division of the State Treasurer’s Office primarily invests the cash balances that are temporarily idle between the time revenue is collected and the time budgeted amounts are disbursed. The Division is also responsible for a number of longer-term investment activities associated with the purchase of 20-year development easements on agricultural land and the payment of lottery prizes over 19-year periods. The Division manages the investment of General Obligation bond proceeds and also directs the short-term and long-term investments of a number of trustee accounts under State agency revenue bond indentures. Sections 6-222 through 6-226 of the State Finance and Procurement Article govern the investment of the State’s unexpended or surplus money. Investments are made according to the State law and the Treasurer’s Investment Policy.

The Investment Division is not responsible for the investment and management of all funds. Other State agencies are responsible for the investment and management of the State’s pension funds, the insurance reserves of the Maryland Automobile Insurance Fund, Injured Workers Insurance Fund and certain endowment funds at public colleges and universities. Interest earnings on investments accrue to the General Fund unless State law or regulation directs that the interest should accrue to a specific fund. During the 1990 session, the General Assembly enacted legislation, sponsored by the Treasurer’s Office, to allow all operating funds invested by the Treasurer to be invested in a common pool. Interest earned from this pool is allocated to the various State agencies and to the General Fund on a pro-rata basis.

Under State law, investments by the State Treasurer’s Office are limited to secured bank accounts, full faith and credit obligations of the federal government, obligations of certain federal agencies or instrumentalities, repurchase agreements collateralized by those securities, certain money market funds and limited amounts of commercial paper.

U.S. government agency investment securities are procured competitively through approved brokerage firms. To be approved, a firm (1) must be a primary dealer reporting to the Federal Reserve or a registered member of the New York Stock Exchange, or (2) file financial statements exhibiting financial resources considered adequate by the Investment Division and approved by the Treasurer, and (3) provide competitive bids to the Investment Division on a regular basis.

The Treasurer’s policy is to make sure that local, regional and minority brokerage firms have an opportunity to bid on a portion of the State’s investable funds. Please be advised that this is a highly competitive process. The fiduciary responsibility to Maryland residents requires scrupulously seeking the best prices for all investments. Inclusion on the list grants the privilege of submitting bids and offers but does not guarantee a transaction.

Investment Policies & Reports

Authorized Investment Personnel

Maryland State Treasurer’s Office Investment Policy

COMAR Investment Regulations

Maryland Local Government Investment Pool

Sections 17-301 through 17-309 of the Local Government Article of the Annotated Code of Maryland establish the Maryland Local Government Investment Pool (LGIP) and assigns to the State Treasurer’s Office the responsibility for administering the Pool. The actual management of the Pool has been contracted out to The PNC Financial Services Group, Inc.

The Treasurer has encouraged local governments and eligible authorities to participate in the Pool, a “AAAm” rated money market account.

Direct link to MLGIP website here.

We are developing an online portal to streamline the process of setting up new agency accounts. In the meantime, please complete this temporary PDF form. To ensure the security of your sensitive information, please only fax the completed form to us at (410) 974-2076 or send via regular mail to the address listed below. We apologize for the inconvenience and appreciate your patience as we transition to the new online system. 

 

Maryland State Treasurer’s Office 

Banking Services

80 Calvert Street

Annapolis, MD 21401

New Agency Account Form

Lockbox Banking Services

Solicitation Number:

RFP #LB-10192023

Title:

Lockbox Banking Services

Issue Date:

10/19/2023

Proposals Due: 

12/12/2023

Award Date:

 

Documents:

Solicitation Letter

Financial Proposal Form

Amendment

Amendment #2

Questions & Answers #1

Questions & Answers #2 (2 of 2)

DISCLAIMER

Introduction

The State Treasurer’s Office (“STO”) is an agency of the State of Maryland. Information on Maryland State General Obligation Bonds will be available to you after you read and acknowledge this disclaimer. The Official Statements linked to the Debt Management section of the STO website (the “Official Statements Webpage”) is the only information on this site intended to reach the investing public, including Maryland State General Obligation bondholders, rating analysts, financial advisors, or any other members of the investment community.

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Contact Person

If you need help downloading Official Statements or other information, or would like to obtain copies of printed Official Statements, please contact the STO’s Debt Management Division at (410) 260-7920.

Disclaimer

All information contained in the STO Official Statements Webpage is obtained from sources believed to be accurate and reliable. Refer to the Official Statement of each series for complete information on that issue. This information, however, is prepared “without audit” unless otherwise identified as audited financial information. Due to the possibility of human or mechanical error as well as other factors, this information is provided “as is” without warranty of any kind and the STO makes no representation, express or implied, as to the accuracy, reliability, completeness, or timeliness of this information, and is not responsible for any loss or damages incurred by parties using this information.

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The Official Statements located on the Official Statements Webpage have been included for general informational purposes only and no person should make any investment decision in reliance upon the information contained herein. The Official Statements Webpage and the information contained herein do not constitute an offer to sell or the solicitation of any offer to buy any securities. The STO currently anticipates that the disclosure documents prepared from time to time in connection with the offering and sale of securities by the State of Maryland may contain information updating or supplementing the information presented at this website. In addition, certain financial information and operating data, as well as information regarding certain material developments concerning the State of Maryland and securities from time to time issued by it, may be filed with the continued disclosure service established by the Municipal Securities Rulemaking Board known as the Electronic Municipal Market Access “EMMA” system, www.emma.msrb.org. The STO in its discretion will determine whether to include such updated information on its website or to otherwise supplement, update or modify the information at this website. Furthermore, the information in each document or file is dated as of the date or dates indicated, and the STO disclaims any duty or obligation either to update the information contained at the Official Statements Webpage or to maintain the availability of such information. Such supplemental, updated or modified information may be obtained from the website cited above.

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