§ 1306. Financial organizations. 1. The board shall engage, after an
open bid process, a financial organization or organizations to invest
assets of the program. In selecting the financial organization or
organizations, the board shall take into consideration and give weight
to the financial organization's fees and charges in order to reduce the
program's administrative expenses.

2. The financial organizations shall comply with applicable federal
and state laws, rules, and regulations, as well as rules, policies, and
guidelines promulgated by the board with respect to the program,
including, but not limited to, the investment policy.

3. The financial organization or organizations shall provide such
reports as the board deems necessary for the board to oversee each
financial organization's performance and the performance of the program.