CA AB2638

Extends the term of appointed members of the Local Investment Advisory Board from 2 years to 3 years.

Creates the Intermediate and Long Term Investment Fund to allow governmental entities to voluntarily deposit funds for intermediate or long-term investments.

Authorizes investment of moneys in the new fund in corporate bonds (up to 3-year maturity), government bonds (up to 30-year maturity), physical gold, and convertible securities.

Establishes the Intermediate and Long Term Investment Advisory Board consisting of 5 members (including the Treasurer as chair) to advise the Treasurer on fund investments and management.

Requires the new advisory board to submit quarterly investment performance reports and annual reports to the Legislature and Department of Finance detailing returns, benchmarks, holdings, and fees.