(A) Accounts. All amounts held by the Trust shall be held in a custodial account. The Trustees and Custodian shall be under no duty to determine whether the amount of any contribution is adequate to meet the city's OPEB obligation, or to collect or enforce payment of any contribution.
(B) Investment of Trust Fund.
(1) Except as otherwise provided by regulation or as delegated to the Custodian or an Investment Manager, the Trustees shall have complete control of the management and investment of the Trust Fund and shall have all powers necessary or convenient to enable it to exercise such control.
(2) The Trustees may invest and reinvest funds held by the Trust Fund in any investments which are legal investments under Florida law and shall have the discretion to decide the allocation of funds among such investments. The Trustees are further authorized to develop and adopt an investment policy for the investment of the Trust Funds. In accordance with such policy, the Trustees may purchase, acquire, hold, lease, sell and convey real and personal property, and place the Trust Fund with banks or trust companies which have corporate trust powers, with insurance companies authorized to do business within the city and do all such other acts permitted by law.
(Ord. 1598, passed 12-3-07)