(a) (1) The Board of Trustees shall be the Trustees of the assets of the retirement system. The Board of Trustees shall have full power to invest and reinvest the assets subject to:
a. The terms, conditions, limitations and restrictions imposed by law of the State upon domestic life insurance companies in the making and disposing of their investments; and
b. The State law pertaining to the investments of public employees retirement system assets.
(2) The Board of Trustees shall have full power to hold, purchase, sell, assign, transfer and dispose of any securities and investments in which any of the money of the system has been invested, as well as the proceeds of the investments and any money belonging to the system.
(b) There shall be kept on deposit available cash not exceeding 5% of the total assets of the retirement system. All money and other assets of the retirement system shall be held for the sole purpose of making payments authorized by the provisions of the retirement plan and shall be used for no other purpose.
(c) The description of the various funds of the retirement system shall be interpreted to refer to the accounting records of the system and not to the segregation of assets in the funds of the system.
(Ord. 1860, passed 8-16-1965)