(A) (1) A fund is hereby provided for the exclusive use and benefit of the persons entitled to benefits under the system. All contributions to the fund shall be paid over to and received in trust for the purpose by the City Treasurer, who shall be treasurer of the system.
(2) The fund shall be pooled for purposes of management investment with similar funds of other incorporated cities and town in the state as a part of the State Municipal Retirement Fund in accordance with a duly executed contract for the purpose which contract shall be executed by the City Council as soon as feasible.
(B) The City Treasurer shall hold the contributions in the form received and, from time to time, pay over and transfer the same to the State Municipal Retirement Fund, as duly authorized and directed by the Board of Trustees.
(C) The fund shall be non-fiscal and shall not be considered in computing any levy when the annual estimate is made to the County Excise Board. The fund and system shall be valued each year for actuarial soundness by a qualified actuarial firm.
(`90 Code, § 1-63)