On and after January 1, 2001, or on and after the first adoption of an investment policy statement under § 3-13b, whichever is later, any contract for services related to the investment of trust funds, as defined in § 3-13c, shall be subject to the investment policy statement adopted under § 3-13b. No contract for services related to the investment of such funds shall be awarded to a provider of such services until the Treasurer’s recommendation of a provider is reviewed by the Investment Advisory Council. The Treasurer shall provide notice of such recommendation at a meeting of the council. Not later than forty-five days after such meeting, the council may file a written review of the Treasurer’s recommendation concerning the selection of such provider with the Office of the Treasurer where it shall be available for public inspection. The Treasurer may proceed to award the contract after such forty-five-day period.