(A) The Committee shall be the trustees of the annuity reserve fund of the retirement plan and it shall have full power to invest and reinvest same:
(1) In bonds or other obligations of the United States, and in any obligations of any governmental agency in which both principal and interest are guaranteed by the United States Government.
(2) In general obligation bonds of the State of New Mexico, or any city, town, school district, or conservancy district in the State of New Mexico.
(3) In obligations consisting of notes, bonds, or debentures, which are the direct obligation of a railroad or industrial corporation, or a corporation engaged directly and primarily in the production, transportation, distribution, or sale, of electricity or gas, or the operation of telephone or telegraph systems, or any combination of them; provided, the obligor corporation is incorporated under the laws of the United States or any state thereof or the District of Columbia, and the said obligations are rated, at the time of purchase, in the highest or next highest classification established by at least two nationally recognized standard rating services.
(B) Except as provided in this article, no member or other person connected with the Committee shall have any interest direct or indirect in the gains or profits of any investment made by the Committee, nor as such directly or indirectly receive any pay or emolument for his services in making such investments. No member or other persons connected with the Committee, directly or indirectly for himself or as an agent or partner of others, shall borrow any funds or deposits of the retirement plan, or in any manner use the same, except to make such current and necessary payments as are authorized by the Committee. No member or other person connected with the Committee shall become an endorser or surety or become in any manner an obligor for moneys loaned or borrowed of the retirement plan.
(C) All securities registered in the name of the Albuquerque City Employees' Retirement Fund may continue to be so registered until disposed of.
(D) All income derived from the investment of moneys of the retirement plan shall be credited to the annuity reserve fund.
('74 Code, § 2-5-13) (Ord. 964; Am. Ord. 1936; Am. Ord. 6-1988)