(A) (1) The Mayor and City Clerk are each hereby authorized and directed to execute (in counterparts, each of which shall constitute an original) the system instrument, and to do all other acts and things necessary, advisable and proper to put the system and related trust into full force and effect, and to make such changes therein as may be necessary to qualify the same under Sections 401(a) and 501(a) of the Internal Revenue Code of the United States.
(2) The counterpart attached hereto as Exhibit A, which has been duly executed as aforesaid simultaneously with the passage of this article and made a part hereof, is hereby ratified and confirmed in all respects.
(B) This City Council is hereby authorized and directed to proceed immediately on behalf of the city to negotiate a contract with other incorporated cities and town of the state to pool and combine the fund into the State Municipal Retirement Fund a part thereof, with similar funds of the other cities and towns, for purposes of pooled management and investment. The City Council shall manifest approval of the contract and the execution thereof by the Mayor and City Clerk by a formal resolution.
(`90 Code, § 1-65)