57-721. MANAGEMENT BY MANAGER OF INVESTMENTS — APPOINTMENT OF CUSTODIAN. (1) The investment board shall contract with or employ a manager of investments to manage the permanent endowment funds, the earnings reserve funds, and such other funds as the investment board is authorized to invest. The manager of investments who is employed or contracted with shall, subject to the direction of the investment board, exert control over the funds as though the manager of investments were the owner thereof.
(2) The investment board may select and contract with a minimum of one (1) bank or trust company to act as custodian of fund assets and provide safekeeping thereof.
History:
[57-721, added 1969, ch. 244, sec. 8, p. 764; am. 1972, ch. 69, sec. 4, p. 140; am. 1997, ch. 162, sec. 1, p. 467; am. 1998, ch. 256, sec. 37, p. 839; am. 2000, ch. 65, sec. 2, p. 146; am. 2007, ch. 263, sec. 3, p. 781.]
Structure Idaho Code
Title 57 - PUBLIC FUNDS IN GENERAL
Chapter 7 - INVESTMENT OF PERMANENT ENDOWMENT AND EARNINGS RESERVE FUNDS
Section 57-715 - PERMANENT ENDOWMENT FUNDS DECLARED TO BE TRUST FUNDS.
Section 57-716 - INVESTMENT OF PROCEEDS OF THE SALES OF PUBLIC LANDS.
Section 57-718 - ESTABLISHMENT OF INVESTMENT BOARD — MEMBERS — QUALIFICATIONS.
Section 57-720 - INVESTMENT AUTHORITY — INVESTMENT POLICIES — ANNUAL AUDIT.
Section 57-721 - MANAGEMENT BY MANAGER OF INVESTMENTS — APPOINTMENT OF CUSTODIAN.
Section 57-723 - INVESTMENT POWERS OF THE BOARD — APPLICATION OF IDAHO UNIFORM PRUDENT INVESTOR ACT.
Section 57-724 - DETERMINATION OF GAINS AND LOSSES.
Section 57-724A - EARNINGS DEFINED.
Section 57-725 - REPORTS TO THE STATE BOARD OF LAND COMMISSIONERS.
Section 57-727 - MANAGER OF INVESTMENTS — STAFF — LEGAL ADVISORS.
Section 57-728 - CREDIT ENHANCEMENT PROGRAM FOR SCHOOL DISTRICT BONDS.