(a) General. The Director of Finance is the custodian of the Trust Fund assets. The Director must give bond with a surety and for a period and in an amount as the Board determines. Each payment from the Trust Fund must be made by the Director, the Director’s designee, or 2 persons designated by the Board acting jointly. The Board must file a copy of its resolution designating the 2 persons, with specimen signatures of those persons, with the Director to confirm their authority to make payments.
(b) Contracts. If the Board approves, the Director of Finance may make written contracts with banks, trust companies, insurance companies or investment companies authorized to do business in any state for the safe custody of investments, banking services, the payment of benefits and expenses, and any other function necessary to manage and safeguard the assets of the Trust Fund.
(c) Procurement. Chapter 11B does not apply to the procurement of goods and services for the Trust Fund by the Director of Finance. (, § 1.)
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