3170

LAWS OF MARYLAND

Ch. 506

(5)  THE EXECUTIVE DIRECTOR FOR INVESTMENTS SHALL
APPOINT SUCH EMPLOYEES AS MAY BE PROVIDED FOR IN THE BUDGET
TO ASSIST IN CARRYING OUT THE DUTIES OF THE AGENCY. THE
STAFF SHALL BE CLASSIFIED EMPLOYEES SUBJECT TO THE
PROVISIONS OF ARTICLE 64A EXCEPT FOR EMPLOYEES HOLDING
POSITIONS THAT ARE DESIGNATED BY THE EXECUTIVE DIRECTOR,
WITH THE APPROVAL OF THE BOARD OF TRUSTEES, AS PROFESSIONAL
OR TECHNICAL POSITIONS THAT INVOLVE SPECIALIZED SKILL,
EDUCATION, AND KNOWLEDGE, AND WHOSE LABOR IS PREDOMINANTLY
INTELLECTUAL RATHER THAN PHYSICAL OR MANUAL. THE
COMPENSATION OF UNCLASSIFIED EMPLOYEES SHALL BE DETERMINED
BY THE BOARD OF TRUSTEES WITH THE APPROVAL OF THE BOARD OF
PUBLIC WORKS. ALL EMPLOYEES OF THE STATE INVESTMENT AGENCY
SHALL COMPLY WITH POLICIES PRESCRIBED BY THE BOARD OF
TRUSTEES CONCERNING PERSONAL INVESTMENTS AND CONFLICTS OF
INTEREST.

(6)  THE MEMBERS OF THE STATE INVESTMENT COUNCIL SHALL
DETERMINE WHAT BONDING, IF ANY, EMPLOYEES OF THE AGENCY
SHALL BE REQUIRED TO HAVE IN ADDITION TO THAT PROVIDED BY
THE TREASURER IN ACCORDANCE WITH THE PROVISIONS OF SECTIONS
46 THROUGH 50. OF ARTICLE 78A OF THE ANNOTATED CODE OF
MARYLAND.

(7)  EXPENSES IN CONNECTION WITH THE ADMINISTRATION AND
OPERATION OF THE STATE INVESTMENT AGENCY SHALL BE PAID FROM
THE INCOME, INTEREST, AND DIVIDENDS DERIVED FROM DEPOSITS
AND INVESTMENTS ADMINISTERED BY THE AGENCY. EXPENDITURES
SHALL BE IN ACCORDANCE WITH APPROPRIATIONS MADE BY THE
GENERAL ASSEMBLY.

(8)  THE BOARD OF TRUSTEES SHALL BE RESPONSIBLE FOR THE
BUDGET OF THE STATE INVESTMENT AGENCY. THE EXECUTIVE
DIRECTOR OF THE STATE INVESTMENT AGENCY SHALL COMPILE
ANNUALLY A COMPREHENSIVE BUDGET. THE BUDGET OF THE
INVESTMENT AGENCY SHALL BE SUBMITTED TO THE INVESTMENT
COUNCIL FOR REVIEW AND RECOMMENDATION, PRIOR TO SUBMISSION
TO THE BOARD OF TRUSTEES.

(9)  THE EXECUTIVE DIRECTOR OF THE STATE INVESTMENT
AGENCY SHALL SUBMIT A REPORT ON OR BEFORE SEPTEMBER 15 OF
EACH YEAR TO THE BOARD OF TRUSTEES ON THE PERFORMANCE AND
OPERATION OF THE AGENCY DURING THE FISCAL YEAR CONCLUDED ON
THE PRECEDING JUNE 30. THE BOARD MAY PRESCRIBE THE FORMAT
OF THE REPORT AND MAY REQUIRE SUCH INFORMATION AS IT DEEMS
APPROPRIATE.

(10)  (A) THE STATE TREASURER SHALL BE THE CUSTODIAN
OF THE ANNUITY SAVINGS FUNDS, ACCUMULATION FUNDS, AND
EXPENSE FUNDS OF THE SEVERAL SYSTEMS. ALL PAYMENTS FROM THE
FUNDS SHALL BE MADE IN ACCORDANCE WITH RULES ADOPTED BY THE
BOARD OF TRUSTEES, WITH THE APPROVAL OF THE STATE TREASURER.