Somerset maintains funds in state MLGIP investment pool

The Town will continue using the Maryland Local Government Investment Pool for reserve investments in FY2027, expecting about $60,000 in interest at a projected 3.69% rate. PNC Bank administers this pool for local governments.

Document date · April 20, 2026

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Scope & details

The full contract record, as filed.

Contract type

FINANCIAL_SERVICES

Contract term

Fiscal Year 2027

Renewal

Ongoing participation renewed implicitly each year; no specific end date identified.

Document type

Agenda

Source document

Town of Somerset Council Work Session Agenda April 2026

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by Town of Somerset?

Maryland Local Government Investment Pool was awarded this financial services contract by Town of Somerset, as recorded on April 20, 2026.

What type of contract is this?

This is a Financial Services contract, documented as a agenda record.

Where was this contract approved?

This contract appears in Town of Somerset Council Work Session Agenda April 2026 (Agenda), dated April 20, 2026 from Town of Somerset. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Maryland Local Government Investment Pool hold?

Maryland Local Government Investment Pool may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Maryland Local Government Investment Pool's profile

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