PUBLIC FUNDS
IN GENERAL
CHAPTER 7
INVESTMENT OF PERMANENT ENDOWMENT AND EARNINGS
RESERVE FUNDS
57-727.Manager of investments -- Staff -- Legal advisors. (1) With the approval
of two-thirds (2/3) of the members of the board, a manager of investments
and other portfolio managers may be employed or contracted with who
shall perform such managerial activities and functions as the board
may direct. The manager of investments and portfolio managers shall
serve at the pleasure of the board in nonclassified positions, if
such persons are employees. The manager of investments and portfolio
managers may either be employed by the board or serve pursuant to
contract. The salary or compensation of the manager of investments
and portfolio managers shall be set by the board, subject to approval
of the governor, and be paid from appropriations made therefor. The
manager of investments and portfolio managers shall be bonded in an
amount established by the board if these persons are employees. If
these functions are performed pursuant to contract, the contract shall
contain a clause to provide for bonding of the contractor’s
personnel.
(2) The
board may authorize the employment of whatever staff it deems necessary
for the administration of the board’s business. The manager
of investments may hire portfolio managers and other necessary staff
who shall hold their respective positions subject to the rules of
the administrator of the division of human resources promulgated pursuant
to chapter 52, title 67, Idaho
Code. The salaries of all staff members shall be paid from appropriations
made therefor. (3) The
director of the department of finance shall have access to any and
all books and records maintained by the manager of investments and
his staff as the board may deem necessary.
(4) The
board shall be furnished adequate and qualified legal advisors by
the attorney general’s office.
(5) All
current expenses, capital outlay, and travel expenses shall be paid
from appropriations made therefor.
(6) The
board shall, upon request of the agency involved, furnish advice to
the treasurer, the manager of the state insurance fund, and the public
employee retirement board, and the board may, upon request of the
agency, invest funds of the requesting agency.
Idaho Statutes