(A) The Board of Trustees of the Pension Fund may at any time after considering the probable demands on the Fund, determine what part may be safely withdrawn for investment for revenue purposes, and shall enter their proceedings at length on their record, provided, that the uninvested cash shall not exceed a sum equal to the requirements for pension payments for a period of 90 days and current expenses. The Board of Trustees shall determine in what manner the funds shall be invested, and in so doing the Board shall be governed by the laws of Kentucky controlling the investment of trust funds. A corporate trustee shall be employed to act as custodian of the Fund under the supervision and direction of the Board. The trustee shall invest the reserves of the Fund (in excess of current requirements) subject to any written directions of the Board. The corporate trustee may, if so directed, also make payments to the retired members and other beneficiaries who are certified to it by the Board, such payments to be in accord with the provisions of this subchapter. Periodic reports shall be rendered by the trustee concerning the operations of the trust.
(B) In the absence of a corporate trustee, all securities purchased or owned by the Fund shall be deposited with the Chief Financial Officer who, together with the President and Secretary of the Board, shall collect all interest due and place it to the credit of the Pension Fund.
(1999 Lou. Code, § 36.138) (Lou. Ord. No. 43-1974, approved 5-20-1974; Lou. Am. Ord. No. 40-1986, approved 2-27-1986; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 102-2006, approved 6-30-2006)