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Cal. Educ. Code § 22352

Investments

Redline — January 1, 2011 → current.View current text →
Current — January 1, 2021
As of January 1, 2011
(a) Upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with the approval of the State Personnel Board, the board may contract with qualified investment managers having demonstrated expertise in the management of large and diverse investment portfolios to render service in connection with the investment program of the board.
Upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with the approval of the State Personnel Board, the board may, pursuant to policy adopted by the board, establish competitive bidding processes, and specify the contract terms and conditions it solely deems necessary and prudent to contract with qualified investment managers and investment advisers, as defined in Section 22143, having demonstrated expertise in managing, or advising the management of, large and diverse investment portfolios to render service in connection with the investment program of the board.
(b) The board shall report to the Governor, the Legislature, and the Joint Legislative Budget Committee on the nature, duration, and cost of investment contract services used. The report shall first be submitted in April 1987, and annually in April of every year thereafter.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.