The Firemen’s Relief Association, through its officers, may invest any amount not to exceed 90% of all such Relief Fund in purchasing bonds of the city. When such bonds are not obtainable, United States government bonds or any municipal bonds of the State of Kansas may be purchased. The Relief Fund shall not be invested in any bonds where the bonded indebtedness of any municipality exceeds 15% of its total assessed valuation as shown by the last assessment preceding the investment. The investment must be approved by the Governing Body. It shall be the duty of the City Attorney to examine all bonds as to their validity and report in writing to the Governing Body and the Firemen’s Relief Association. No bonds shall be purchased by the Firemen’s Relief Association until they have been approved and found valid by the City Attorney.
(Prior Code, § 1-905)