The Board shall be the trustees of the funds of the retirement system and, pursuant to Public Act 314 of 1965, as amended, being M.C.L.A. 38.1132 et seq., shall have full power to invest and reinvest the funds subject to all terms, conditions, limitations, and restrictions imposed by the state upon public employee retirement systems in the making and disposing of their investments. The Board shall have full power to hold, purchase, sell, assign, transfer, and dispose of any securities and investments in which any of the funds of the retirement system have been invested, as well as the proceeds of such investments and any moneys belonging to the retirement system.
(‘83 Code, § 36.55) (Am. Ord. 2002-007, passed 5-13-02)