§ 1-86 NAME OF SYSTEM.

   The system heretofore established for the purpose of providing pension retirement allowances and other benefits for police officers, their wives and children, shall continue to be designated and known as the “Police Pension and Retirement System of the City of Guthrie,” and all of its business transacted, all of its funds handled and all of its cash and securities and other party be held.

(`90 Code, § 1-33)

§ 1-87 BOARD OF TRUSTEES.

   There was heretofore created the Board of Trustees, which shall have the operation and management of the Police Pension and Retirement System, which Board of Trustees shall consist of the City Clerk and City Treasurer, and three members of the Police Department which is designed and known as the Board of Trustees of the Police Pension and Retirement System of the city.

(`90 Code, § 1-34)

§ 1-88 ELECTION OF MEMBERS.

   (A)   (1)   To obtain the benefits derived by the Police Pension and Retirement System of the city, the officers or members of the Police Department, active and retired, shall, within 30 days from the date of the passage of this article, elect by ballot three members of the Police Department to the Board of Trustees hereinbefore designated.

      (2)   Until changed by law, the election of members of the Board of Trustees by the Police Department shall continue to be done and had by a call of the election by the Mayor, which shall be done by the City Clerk, mailing to each and every member of the Police Department a noticed that an election shall be held for the purpose of electing three of their number as members of the Board of Trustees.

   (B)   (1)   The notice shall be properly addressed to each and every member of the Police Department and deposited in the United States mail at the city and the election shall be held five days subsequent to the giving of the notice. The notice shall also state where the election shall be held and the day and hour or hours when same shall be held. The voting for the Trustees shall be done by ballot, and shall be done by placing the ballots in a ballot box to be provided by the city, and so conducted that each elector's ballot shall be secret as in the election for city and county offices.

      (2)   The City Clerk shall conduct the election by seeing that each and every person so voting is a member of the Police Department of this city as defined by this article, active or retired, and shall canvass all ballots so voted and shall certify the results thereof to the City Council, who shall by proper resolution declare the election of the three persons receiving the highest number of votes to be elected.

   (C)   At the first election, one member shall be elected to serve one year, one to serve two years and one to serve three years. At the end of the first year, after the election and upon the same date of the succeeding year, a like election shall be held, at which time a member of the Board of Trustees shall be elected and shall hold his or her office for a period of three years, and like elections shall be held each succeeding year on the date corresponding with the date of the first election and the members so elected shall hold the Office of Trustee of the Board for a period of three years.

   (D)   If a vacancy or vacancies should occur in the Office of Trustee or Trustees of the Board so elected, the vacancies shall be filled by election of a member or members, in the same manner so above provided. A vacancy shall occur when a Trustee’s employment with the city is terminated.

   (E)   Each officer or member of the Board of Trustees so elected shall, before he or she enters upon the duties of his or her office, take and subscribe an oath of office to faithfully perform the duties of his or her office and to account for all monies and property in his or her hands, and shall execute a bond to the city in the sum of $2,500 on condition that he or she will faithfully perform the duties of his or her office and faithfully account and deliver to his or her successor all funds, money, bonds or other property in his or her hands belong to the Police Pension and Retirement System of the city.

(`90 Code, § 1-35)

§ 1-89 CHAIRPERSON; SECRETARY.

   Each year, the Trustees shall elect the Chairperson and the Secretary from their number.

(`90 Code, § 1-36)

§ 1-90 REPORTS OF SECRETARY.

   The Secretary of the Board of Trustees shall report annually, at the time of the election of the Board, the condition of the Police Pension and Retirement System and the receipts and disbursements on account of the same, with a full and complete list of the beneficiaries of the Fund in the system, for the amount paid to each beneficiary, and shall report to the Board of Trustees the true condition of the Police Pension and Retirement System at any meeting where requested so to do by the Chairperson thereof, or by a majority of the members of the Board of Trustees, and a copy of each report shall be delivered by the City Manager and City Council.

(`90 Code, § 1-37)

§ 1-91 MEETINGS AND DUTY.

   (A)   The Board of Trustees of the Police Pension and Retirement System shall hold monthly meetings on the second Monday of each and every month of each year and upon the call of its Chairperson at other times as the Chairperson deems necessary. It shall issue orders signed by the Chairperson and Secretary to the persons entitled thereto of the amount of money orders paid to the persons from the funds of the Police Pension and Retirement System by the Board, which order shall state for what purpose the payment is to be made. It shall keep a record of its proceedings, which shall be a public record. It shall at each monthly meeting send to the City Clerk a written or printed list of all persons entitled to the payment which list shall be certified and signed by the Secretary and Chairperson of the Board, and attested under oath.

   (B)   The City Clerk shall thereupon enter a copy of the list upon the book to be kept for this purpose, which book shall be known as the “Police Pension and Retirement System Book” and the Board shall direct payments of the amounts carried therein to the persons entitled thereto out of the funds.

(`90 Code, § 1-38)

§ 1-92 QUORUM.

   A majority of the members of the Board of Trustees shall constitute a quorum and have the power to transact business, provided no money belonging to the funds of the Police Pension and Retirement System shall be disbursed for any purpose without a vote of the majority of all the members of the Board of Trustees, which vote shall be taken by yeas and nays, and the vote of each member so voting entered upon the proceedings of the Board.

(`90 Code, § 1-39)

§ 1-93 GENERAL POWERS OF BOARD.

   The Board of Trustees shall, in addition to the other powers herein granted, have power to:

   (A)   Compel witnesses to attend and testify before the Board upon all matters connected with the operations of this article, and in the same manner as is, or may be, provided by law, for the taking of testimony before notaries public, and its Chairperson or any member of the Board may administer oaths to the witnesses;

   (B)   Provide for the payment from the funds of the Police Pension and Retirement System of all its necessary expenses, and to pay for the services as shall be required to transact the business of the Police Pension and Retirement System, provided that no compensation or emolument shall be paid to any member of the Board for any duties performed under this article;

   (C)   Provide all rules and regulations needful for its guidance in conformity with the provisions of this article; and

   (D)   (1)   Invest and reinvest any funds of the Police Pension and Retirement System in state and federal bonds only subject to all the terms, conditions, limitations and restrictions imposed by law upon life insurance companies in the state in making and disposing of their investments and subject to like terms, conditions, limitations and restrictions. The Trustees shall have full power to hold, purchase, sell, assign, transfer or dispose of any of the securities and investments, in which any of the fund shall have been invested, as well as of the proceeds of the investments and any moneys belonging to the funds. The Board, for the purpose of meeting disbursements for pensions and other payments, shall keep available cash of at least 10% of the total amount in the several funds of the Police Pension and Retirement System on deposit in one or more banks or trust companies in the city, which bank or trust company shall be organized under the laws of the state or the United States, and that the amount on deposit in any one bank or trust company shall not exceed 25% of the paid-up capital and surplus of the bank or trust company.

      (2)   No Trustee and no employee of the Board shall have any interest in gains or profits of any investment made by the Board of Trustees nor as such receive any pay or emolument for his or her services. No Trustees, nor employee of the Board of Trustees shall directly or indirectly, for himself or herself or as an agent, in any manner use the assets of the Police Pension and Retirement System, except to make correct and necessary payments, as are authorized by the Board of Trustees, nor shall any Trustee or employee of the Board become an endorser or surety or become in any manner an obliger for moneys loaned by or borrowed from the Board of Trustees.

(`90 Code, § 1-40)

§ 1-94 CUSTODY AND DISBURSEMENT OF FUNDS.

   All moneys provided for the funds of the Police Pension and Retirement System, by appropriation by the city, or contribution by police officers, shall be paid over to and received by the City Treasurer for the use and benefit of the Police Pension and Retirement System, to be disbursed as provided by law and this article, and the additional duties this imposed on the City Treasurer shall be and comprise additional duties for which he or she shall be liable under his or her oath as City Treasurer.

(`90 Code, § 1-41)