In addition to the other powers granted in Section 9-1-1 of this City Code, the following further powers and authority are hereby conferred upon the Board:
A. The exclusive control and management of the Police Pension Fund and of all moneys donated, paid or assessed for the relief or pensioning of disabled, superannuated and retired members of the Police Department, their widows, minor children and dependent parents. All such moneys shall be placed by the City Treasurer to the credit of the Fund subject to the order of the Board.
B. To draw such Pension Funds from the Treasury and invest such Funds, or any part thereof, in the name of the Board of Trustees of the Police Pension Fund, in interest-bearing bonds or tax anticipation warrants of the United States, or the State of Illinois, or any county of this State, or of any township or municipal corporation of the State of Illinois, and in insured shares of Federal chartered savings and loan associations if the shares are insured by the Federal Savings and Loan Insurance Corporation. All securities shall be deposited with the Treasurer of the City and shall be subject to the order of the Board. The interest received from any such investment, shall be credited to the account of the Pension Fund.
C. To appoint a clerk and define his duties; provided, however, that no person drawing a pension under Section 9-1-1 of this Code be employed by the Board as a clerk.
D. To provide for the payment from the Fund of all necessary expenses including clerk hire, attorney's fees, printing and witness fees; provided, that no compensation shall be paid to any member of the Board for any duty required or performed under this Chapter.
E. To make all necessary rules and regulations for its guidance in conformity with the provisions of the Police Pension Fund regulations.
F. To do any and all other acts required under the provisions of chapter 1081/2, paragraphs 3-101 through 3-149 of "Policemen's Pension Fund-Municipalities 500,000 and Under", Illinois Revised Statutes, as amended in 1963. (Ord. 1974-1, eff. 1-1-74)