Section 20199 Of Article 6. Investments From California Government Code >> Division 5. >> Title 2. >> Part 3. >> Chapter 2. >> Article 6.
20199
. The board shall establish a building account for the
transfer of money that is continuously appropriated for that purpose
from the retirement fund for the cost of the acquisition of real
property, the construction or remodeling of buildings and
improvements thereon, the maintenance, repair, and improvement
thereof, and for other necessary operational expenses.
For accounting purposes the board shall pay to the building
account an amount sufficient to repay all costs for construction and
maintenance of space used by the board. Other amounts or
contributions received shall be deposited in the building account and
disbursed as provided in this section.
The board may contract with the Department of General Services for
the purchase of insurance against loss of, or damage to, the
property or the loss of use or occupancy of the building, liability
insurance and other insurance as is customarily carried on state
office buildings. Premiums for the insurance shall be paid from the
building account.
Money in the building account that is in excess of current needs
shall be paid into the retirement fund monthly. The land, building,
equipment, and improvements thereon, shall constitute an asset in the
retirement fund and shall be carried on the books thereof as such in
accordance with generally accepted accounting practices.