Md. Code, Local Gov't § 17-204

(a) (1) 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: (i) facilitates sound cash management; (ii) protects the public; and (iii) ensures that each entity has access to its public money. (2) Prior to adopting regulations that alter the types of investments in which governmental entities may invest public money, the State Treasurer shall consult with the governmental entities. (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.