OPEN SESSION AUGUST 27, 2026 PAGE 5 OF 6
Current If the highest yielding security was not selected for purchase or if three bids/offers from Qualified Institutions are not obtained, an explanation describing the rationale will be included in this record. Proposed If the best price security was not selected or if three bids/offers from Qualified Institutions are not obtained, an explanation describing the rationale will be included in this record.
2) Add ‘time of purchase’ benchmark under Section VIII. Diversification relative to both instrument and issuer.
Current Policy Statement 8. The MDTA will diversify its holdings by security type and institution to avoid incurring unreasonable risks due to excessive concentration in specific instruments, financial institutions or issuers. Proposed Policy Statement 8. The MDTA will diversify its holdings by security type and institution to avoid incurring unreasonable risks due to excessive concentration in specific instruments, financial institutions or issuers. Diversification standards must be met at time of purchase. Declines in portfolio size may cause diversification limits to be exceeded post purchase, so investments should be structured within limits for an expected average portfolio size. Investment sales to maintain longer term diversification may be considered with consultation of the Investment Committee, but short term and small variances resulting from a portfolio decline do not represent policy violations or necessitate sales.
Upon motion by Member William H. Cox, Jr. and seconded by Member John F. von Paris the modest changes to the MDTA Investment Policy were unanimously approved.
UPDATE – EXECITIVE DIRECTOR’S REPORT
Mr. Bruce Gartner updated the Board on the following items: 2026 Maryland Association of Counties (MACo) Conference; MDTA Police TRI-ARC re-accreditation for fifth consecutive year from Commission on Accreditation for Law Enforcement Agencies (CALEA); Upcoming September 16 Police Graduation Ceremony; Bond Sale and Credit Rating Updates; E-ZPass Customer Satisfaction Survey; RFQ for the Francis Scott Key Rebuild main span and marine approaches; Francis Scott Key Rebuild Invitation for Bid for the demolition and miscellaneous marine work contract; and the annual 9/11 ride that was held on August 22. Mr. Gartner ended his report by congratulating Tonya Dorsey on her new position as Chief Administrative Officer; Jaclyn Hartman on her new position as Chief Finance and Partnerships Officer; and thanking Mr. Greg Brown for his service over the last six months and his continued support over the upcoming months during Ms. Hartman’s transition.
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