Q Does the school district have the authority to hire an investment broker?

A Under the authority of Section 37-7-301(w), the board may hire an investment advisor to advise the district as to the investment of funds and to assist in the implementation of the districtís investment plan by purchasing and selling legally authorized securities and other investments, on the condition that each and every transaction is approved in writing, in advance, by the districtís designated school official, pursuant to the investment plan. In addition, a financial consultant may be employed to advise the board regarding sixteenth section investments which are consistent with the requirements of Section 29-3-113. (Attorney Generalís Opinion to Montgomery, August 3, 2012)