2009 California Public Utilities Code - Section 98204-98205 :: Article 4. Investigation And Penalties

98204.  At least once in each four-year period after the
establishment of the retirement system the board shall cause to be
made an actuarial valuation of the assets and liabilities of the
retirement fund and upon the basis of such investigation and
valuation shall make such revision or change of the rate of
contribution, the periods and conditions of service, and amounts of
retirement allowances as may be necessary.

98205.  Except as herein provided, no member of the board or of the
retirement board, nor any member of the retirement system or employee
of the district, shall have any interest direct or indirect in the
making of any investment or in the gains or profits accruing
therefrom, and no such person, directly or indirectly, for himself or
as an agent or partner of others shall borrow any of its funds, nor
shall any such person in any manner use the same except to make such
current and necessary payments as are authorized by the retirement
board, nor shall such a person become an endorser or surety as to, or
in any manner an obligor for investments of the retirement fund.