§17–204.

    (a)    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)    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.