A. The Board may create a Firemen's Pension investment Account.
B. The Board is hereby authorized to invest for the credit of said account the surplus money accumulated in said fund in excess of such sum as may be fixed by said Board together with such amounts as may be required for the payment of pensions and service increments as directed by this part during the year.
C. The interest received from such investments shall be paid into the fund upon receipt of same, and if at any time sufficient funds are not available (inclusive of the monies appropriated by the City up to the amount it may be permitted to pay under the law) for the payment of all pensions and service increments in full, then said Board may dispose of and sell such securities as it may hold in its investment account and use the proceeds thereof to supply such deficiency.
D. All monies invested for the credit of said account shall be invested in such investments as are permissible under the Fiduciaries Investment Act of 1949, being the Act of May 26, 1949, P.L. 1828.
E. All securities are to be deposited with the Treasurer of said Board for the credit of its investment account.
8A Editor’s Note: See 20 Pa.C.S. §§ 7301 et seq.