(a)

1. (1) The Treasurer of State may contract for professional services as necessary for the efficient management of investments.
2. (2) Services may include, but are not limited to, that of master custodian.

(b) Master custodian.

1. (1) The Treasurer of State may select one (1) or more firms to provide the state with master custodial services pursuant to a custodial services agreement.

2. (2) Master custodial services will include, but not be limited to:

   1. (A) Executing transactions involving all securities held in custody, including:

(i) Online security clearing;

1. (ii) Settlement of securities on a delivery-versus-payment basis; and

   1. (iii) Settlement of physically held securities;
   2. (B) Accounting for all transactions in accordance with generally accepted accounting principles and requirements of the state;
   3. (C) Providing regular reports on the activity and value of the securities in custody; and
   4. (D) Providing for the safekeeping of all documents and financial instruments physically held in custody.