All assets of the retirement system shall be held for the sole purpose of meeting disbursements for pensions and other payments authorized by the Board pursuant to the provisions of the retirement system, and shall be used for no other purpose. The description of the various reserves of the system shall be interpreted to refer to the accounting records of the system and not to the segregation of monies or assets in the reserves of the system.
(Ord. passed 11-20-1980; Am. Ord. 09-01, passed 2-5-2009)