The Pension Board shall determine how much of the Fund may be safely invested, and how much shall be retained for the needs, demands, and exigencies of the Fund. Investments shall be made in interest-bearing bonds of the United States or of the State of Indiana; any bond lawfully issued by any county, township, or municipal corporation of this state; or any street, sewer, or other improvement bond of any city or town of this state. Bonds shall be deposited with and remain in the custody of the Treasurer of the Board, who shall collect the interest due thereon as it becomes due and payable. The Board may also invest funds in securities which are fully guaranteed by the United States government both as to principal and interest, and in any other securities or deposits permitted by law.
('84 Code, § 33.16) (Ord. 6-12-79, passed 6-12-79)