(A)   Management of Fund. The Trustees shall have the authority to control and manage, exclusively, the Pension Fund, and all moneys donated, paid or assessed for the relief or pension of disabled, superannuated and retired members of the Police Department, their widows, minor children and dependent parents. All moneys shall be placed by the Treasurer of the municipality to the credit of the Fund, subject to the order of the Board.
   (B)   Payments. The Board shall have the authority to order and direct the payment of pensions and other benefits provided by the Police Pension Act and to issue certificates, signed by its President and Secretary to the persons entitled thereto, of the amount ordered paid to such persons from the Fund, which certificate shall state the purpose of the payment.
   (C)   Investment of funds; regulatory authority. The Board of Trustees shall have the power to invest the funds as it sees fit, in accordance with § 3-135 of the Illinois Pension Code (ILCS Ch. 40, Act 5, § 3-135), and shall have the authority to make necessary rules and regulations for the operation of the Fund.
(1999 Code, § 32.35)