PUBLIC FUNDS IN GENERAL
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.
[57-727, as added by 1971, ch. 262, sec. 1, p. 1060; am. 1974, ch. 22, sec. 54, p. 592; am. 1977, ch. 206, sec. 1, p. 570; am. 1977, ch. 229, sec. 2, p. 683; am. 1986, ch. 68, sec. 1, p. 193; am. 1997, ch. 162, sec. 4, p. 469; am. 1999, ch. 370, sec. 24, p. 1009; am. 2000, ch. 65, sec. 3, p. 146.]