CA Gov't Code Section 63089.52

(a)

The program manager, at his or her discretion, with the approval of the executive director, may request the trustee to invest those moneys in the trust fund in any of the securities described in Section 16430. Returns from these investments shall be deposited in the expansion fund and shall be used to support the programs of this chapter.

(b)

Any investments made in securities described in Section 16430 shall be governed by the investment policy approved by the bank board.