WILLIAM DONALD SCHAEFER, Governor Ch. 698

(I)  ALL MATTERS PERTAINING TO THE INVESTMENT
PROGRAMS AND THE COMMITTEE'S RECOMMENDATIONS TO THE BOARD;

(II)  THE COMMITTEE'S REVIEW OF ALL INVESTMENT
PROGRAMS TO ENSURE COMPLIANCE WITH THE POLICIES OF THE BOARD;

(III)  THE PREPARATION AND MAINTENANCE OF AN
INVESTMENT OPERATIONS MANUAL DETAILING THE FUNCTIONS OF THE
INVESTMENT DIVISION OF THE STATE RETIREMENT AGENCY, GOALS AND
OBJECTIVES OF THE SEVERAL INVESTMENT PROGRAMS, AND POLICIES
GOVERNING INVESTMENT SELECTION AND RETENTION. THE OPERATIONS
MANUAL AND ANY SUBSEQUENT AMENDMENTS TO THE MANUAL SHALL BE
SUBMITTED TO THE BOARD OF TRUSTEES FOR APPROVAL; AND

(IV)  THE BONDING, IF ANY, THAT EMPLOYEES OF THE
STATE RETIREMENT AGENCY SHALL BE REQUIRED TO HAVE IN ADDITION TO
THAT PROVIDED BY THE TREASURER IN ACCORDANCE WITH THE PROVISIONS
OF ARTICLE 78A, §§ 46 THROUGH 50 OF THE CODE.

(8)  (a) Expenses in connection with the administration and
operation of the Board of Trustees shall be paid from the income,
interest, and dividends derived from deposits and investments
managed and controlled by the Board of Trustees. Each of the
several systems shall be charged its pro rata share of the total
expenses of administration and operation. Expenditures shall be
in accordance with appropriations made by the General Assembly.

(b) The Board of Trustees annually shall submit its
budget to the Governor for inclusion in the State budget for the
review and approval of the General Assembly.

(9)  (a) The Board of Trustees shall, from time to time,
establish rules and regulations for the administration of the
several systems, the management of the funds of the several
systems, and for the transaction of its business.

(b) (1) Notwithstanding any other provisions of law,
the Board of Trustees also may establish rules and regulations
for the administration and management of funds of the systems
established under §§ 7-206 and 7-603 of the Transportation
Article, subject to the approval by the Board of Public Works.

(2)  The Mass Transit Administration shall pay
all financing costs of the systems established under § 7-206 and
§ 7-603 of the Transportation Article including the pro-rata
share of the costs of administration incurred by the Board of
Trustees.

(10)  The Board of Trustees may require any officers,
boards, or commissions of the State to furnish it, upon
application and without cost, certified copies of any records or
papers in their official custody, and to require the attendance
of witnesses and the production of papers, under summons,

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