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)