County Employees Retirement Law of 1937 (CERL) - sdcera

transaction when prudent in the informed opinion of the board.
The board and its officers and employees shall discharge their duties with respect to the
system:
(a) Solely in the interest of, and for the exclusive purposes of providing benefits to,
participants and their beneficiaries, minimizing employer contributions thereto, and defraying
reasonable expenses of administering the system.
(b) With the care, skill, prudence, and diligence under the circumstances then prevailing
that a prudent person acting in a like capacity and familiar with these matters would use in the
conduct of an enterprise of a like character and with like aims.
(c) Shall diversify the investments of the system so as to minimize the risk of loss and to
maximize the rate of return, unless under the circumstances it is clearly prudent not to do so.
(Repealed and Added by Stats. 1984, Ch. 1738, Sec. 7, Effective September 30, 1984)
§31595.1. County treasurer; control of retirement system funds
(a) The board may authorize the treasurer to control and safely keep some or all of
the moneys of the retirement system. If authorized, the treasurer may invest and reinvest the
moneys, and may from time to time sell any securities belonging to the system and may invest
and reinvest the proceeds therefrom. An investment in or sale of securities shall not be made
except upon the authorization of the board.
(b) The board, in lieu of acting pursuant to subdivision (a), may delegate to another
entity some or all of the powers prescribed in that subdivision.
(Repealed and added by Stats. 1984, Ch. 1738, Sec. 9, Effective September 30, 1984)
(Amended by Stats. 1995, Ch. 584 (A.B. 1021), Sec. 7)
§31595.41. Validation of acts; exchange-traded call options
All acts made or done by the board or its officers and employees, on or after January 1,
1983, and until the effective date of this section, with respect to exchange-traded call options
and related matters, which would have been valid if Section 31595.4, as amended by Section 1
of the act which enacts this section, had been in effect at the time the acts were made or done
are hereby ratified, confirmed, and validated.
(Added by Stats. 1983, Ch. 130, Sec. 2)
§31595.9. Investments in repurchase agreements or reverse repurchase agreements
Notwithstanding the provisions of Section 31595, in addition to other investments
authorized by this article, funds received by the county treasurer not required for current
disbursements may be invested in repurchase agreements or reverse repurchase agreements of
any securities authorized by this article.
For purposes of this section, “repurchase agreement’ means a purchase of securities by
the board pursuant to an agreement by which the seller will repurchase the securities on or
before a specified date and for a specified amount.
For purposes of this section, “reverse repurchase agreement” means a sale of securities
by the board pursuant to an agreement by which the board will repurchase the securities on or
before a specified date and for a specified amount.
(Added by Stats. 1983, Ch. 534, Sec. 2)
§31596. Sale of securities; treasurer’s duties and liabilities; custodian of securities
(a) When securities belonging to or held for the retirement association are sold, the
county treasurer shall deliver the securities to the purchaser upon receiving the proceeds,
and may execute any and all documents necessary to transfer title. The duties imposed
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Article 5, §31595. - §31596.