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 personnel having demonstrated expertise in the management of large and diverse investment portfolios to render service in connection with the investment program of the board.

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 be submitted annually in April.

Terms Used In California Government Code 20208

  • Contract: A legal written agreement that becomes binding when signed.
  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18

(Repealed and added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)