(A) MERS shall be the trustee of the respective assets of the retirement system and shall have full power to invest and reinvest such assets subject to the terms, conditions, limitations, and restrictions imposed by law of the state upon domestic life insurance companies in the making and disposing of their investments, and by law pertaining to the investments of public employee retirement system assets. MERS shall have full power to hold, sell, assign, transfer, and dispose of any securities and investments in which any of the respective monies under the management of the system have been invested as well as the proceeds of such investments and any monies belonging to the system.
(B) MERS shall keep on deposit available cash, not to exceed 5% of the total assets of the retirement system. All assets of the system shall be held for the sole purpose of meeting disbursements authorized by this chapter and shall be used for no other purpose whatsoever.
(C) The description of the various funds of the retirement system shall be interpreted to refer to the accounting records of the system and not to the segregation of the assets within the funds of the system.
(Prior Code, § 16.27) (Ord. D-678, passed 1-18-1965, effective 2-1-1965; Ord. D-1592, passed 6-19-1989, effective 6-29-1989; Ord. D-1737, passed 3-20-1995, effective 3-30-1995; Ord. O-161, passed 6-8-2015, effective 6-18-2015; Ord. O-169, passed 11-2-2015, effective 11-12-2015)