Attorney General JB Van Hollen issued a formal opinion after a northern county expressed interested in exchanging surplus funds for gold coins.
The request for a formal opinion from the state Attorney General came from Langlade County Corporation Council Robin Stowe. According to the letter, the county’s finance committee voted to direct the request.
The council had previously advised the committee in the form of a verbal opinion that they do not have the authority to exchange surplus funds for gold or silver coins or other forms of bullion.
Attorney General Van Hollen agreed with the corporation council in his opinion. He says “because a county has the authority only to make investments provided for by statute, and no statute authorizes an investment in gold coins; I conclude that a county is not authorized to exchange surplus funds for US gold coins.