(b) “Authorized participant” means:

(1) the governing body of each county or municipality;

(2) a county board of education;

(3) the governing body of each road, drainage, improvement, construction, or soil conservation district or commission in the State;

(4) the Upper Potomac River Commission;

(5) any other political subdivision or body politic and corporate of the State;

(6) a local government insurance pool formed under Title 19, Subtitle 6 of the Insurance Article; or

(7) on approval of the State Treasurer, a unit of State government or an entity created by the State if the funds of the unit or entity are not State money over which the Treasurer has investment authority.

(c) “Pool” means the Local Government Investment Pool.