(a) The Retirement Board shall be the trustees for the several funds provided for by this chapter, and shall have full power to invest and reinvest such funds, subject to all terms, conditions, limitations and restrictions imposed by the laws of the State upon life insurance companies in the making and disposing of investments. However, the notes, bonds or other obligations of any county, city, village or district in the State shall not be subject to such restrictions. The Board may purchase notes, bonds or other obligations of the City before or after the same are offered to the public, with or without advertising for bids.
(b) The Board shall have full power to hold, purchase, sell, assign, transfer and dispose of any of the securities and investments in which such funds have been invested, as well as the proceeds of such investments and any moneys belonging to such funds.
(1979 Code Sec. 2.80.300)