Section 38A. Notwithstanding any general or special law to the contrary, the state treasurer may establish 1 or more combined investment funds to invest funds of the commonwealth, trust funds, and funds under the custody of agencies, authorities, commissions, boards, political subdivisions and other 1 public units within the commonwealth; provided, that the state treasurer shall adopt appropriate accounting procedures from which the exact interest of such funds so combined for investment can be determined. The state treasurer may adopt such rules and regulations as may be necessary to administer this section. The management of any fund established under this paragraph shall be competitively procured not later than once every 7 years.

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The state treasurer may sell to all agencies, authorities, commissions, boards, political subdivisions and other public units within the commonwealth, participation units in any such combined investment fund. Such participation units issued by the treasurer are made legal investments for all the funds under the custody of such agencies, authorities, commissions, boards, political subdivisions and other public units within the commonwealth. With the advice of the investment advisory council, the state treasurer shall adopt rules and regulations as may be necessary to administer this section.

The state treasurer may invest any funds established under this section in only those instruments permitted within this chapter or chapter 32.