(A) There is created a special fund to be known as the City Pension Fund for Firefighters and Police Officers in the city. This fund is to be used exclusively for the purpose provided for in this subchapter. The Fund shall be collected, administered, and disbursed according to the provisions of this subchapter.
(‘69 Code, § 5-150)
(B) As part of the system, there is established the Pension Fund for Firefighters and Police Officers, into which shall be deposited all of the contributions and assets whatsoever attributable to the system. The actual custody and supervision of the Fund (and assets thereof) shall be vested in the Pension Board of Trustees. Payments of benefits and disbursements from the Fund shall be made only on authorization from the Pension Board.
(C) Money shall be withdrawn from the Pension Fund created by this subchapter only on warrants executed by a majority of the Board. The Board shall have exclusive charge of the investment of any surplus in the Fund not needed for the current obligations thereof by investment of the same. Monies needed for the meeting of the current obligations of the Fund may be deposited in a depository recognized by law for the deposit of funds of the state and on posting of similar security to that required for state deposits in accordance with § 34.56(N)(1). The Board of Trustees shall appoint a custodian who shall have custody of and the responsibility for all stocks, bonds, and funds of this system. The custody shall be for the purpose of safekeeping only, without any discretion in the city regarding the propriety of any withdrawal or transfer of any stocks, bonds, or funds.
(‘69 Code, § 5-169) (Ord. 557, passed 2-19-81; Am. Ord. 1480, passed 3-17-04)