Cal. PUC § 12365.6
This is the official text of Cal. PUC § 12365.6, part of California’s Public Utilities Code — regulates utilities such as electricity, gas, water, and transportation carriers.
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Official statutory text
In addition to such other investments that are authorized by this article, the retirement board may, in its discretion, invest the assets of the retirement fund in deeds of trust and mortgages. Investments made under this section shall not exceed, in the aggregate, an amount equal to 25 percent of the assets of the system.
Status: in_force · Read it on the official government site
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