The Board of Trustees shall be the trustees of the monies and assets of the retirement system. The City Commission shall have full power and authority to invest and reinvest such monies and assets subject to all terms, conditions, limitations and restrictions imposed by the State of Michigan on the investments of public employee retirement systems. The City Commission may employ outside investment counsel to advise the City Commission in the making and disposition of investments. If at any time the City Commission chooses to employ different or additional outside investment counsel, the City Commission shall first employ a qualified outside consultant to assist in the selection of the new outside investment counsel. All monies and assets of the retirement system shall be held for the sole purpose of meeting disbursements authorized in accordance with the provisions of this retirement system and shall be used for no other purposes.
(Ord. passed 11-20-1980; Am. Ord. 09-01, passed 2-5-2009)