(A) The Board of Trustees shall have full and exclusive charge and control of the Trust Fund.
(B) The Board shall be authorized and empowered to take by gift, grant, devise, or bequest under and by the style of the Board of Trustees of the Municipal Electric and Water Utilities Employees’ Retirement Fund of the city, any money, real and personal property, and interest in real or personal property and shall hold the same, or assign, transfer, encumber, pledge, or sell the same whenever necessary under and by that name.
(C) The Board shall be authorized and is hereby authorized and empowered to sue and be sued in the name of the Board of Trustees of the Municipal Electric and Water Utilities Employees’ Retirement Fund, and service of process may be had upon any member of the Board of Trustees.
(D) With respect to the Plan and this Trust, the Board of Trustees shall be charged with the duty of acting solely in the interest of the participants and their beneficiaries for the exclusive purposes of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the Plan. The Board shall act with the care, skill, prudence and diligence under the circumstances then prevailing that prudent persons would act in a like capacity and familiar with the matters would use in the conduct of an enterprise of like character and with like aims.
(E) The Board of Trustees shall diversify the investments of the Plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. The Board shall act in accordance with the documents and instruments governing the Plan. To the extent permitted by law, the Board shall not be liable for any act of commission or omission by any other fiduciary if responsibility with respect to the act as has been allocated to another fiduciary under the Plan or the Trust.
('75 Code, § 9.09) (Ord. 3- , passed 2-13-47; Am. Ord. CO-82-12, passed 8-23-82; Am. Ord. CO-89-17, passed 12-11-89; Am. Ord. CO-01-17, passed 8-27-01)