The Treasurer of the Municipality shall be the custodian of all of the assets of the Waterworks Pension Fund, and shall deposit and pay out the moneys thereof upon, and in accordance with, any proper order of the Board of Trustees. Such Treasurer shall be liable upon his official bond as Treasurer for the faithful performance of his duties in respect to such Fund, and the official bond of the Treasurer covering such Fund shall be executed with a good and financially responsible surety company authorized to do business in this State, as surety for such Funds. The Treasurer of the Municipality shall as Fund fiduciary, discharge his duties with respect to such Pension Fund solely in the interest of the members and member's beneficiaries for the exclusive purpose of providing benefits to such members and their beneficiaries and defraying reasonable expenses of administering the Fund. Such Fund shall be a trust Fund and shall not be used for any other purpose than provided herein. Such Treasurer shall keep in convenient form such data as may be necessary for an actuarial valuation report.
(Ord. 0-355. Passed 12-11-84.)