The board shall have the power and it shall be its duty:
(A) To control and manage the pension fund and all money donated, paid, assessed or provided by law for the relief or pensioning of disabled, superannuated and retired firemen, their widows, minor children and dependent parents.
(B) To enforce contributions. To assess each fireman such percentage of salary required by laws of the state of Illinois.
(C) To hear and determine applications for relief or pension under the articles of the firemen's pension fund.
(D) To provide for the payment from the fund of all necessary expenses of the board.
(E) To invest the money of the pension fund in interest bearing bonds or tax anticipation warrants of the United States, of the state of Illinois, or of any county, township or municipal corporation of the state of Illinois; insured withdrawable capital accounts of state chartered savings and loan associations; insured withdrawable capital accounts of federal chartered federal savings and loan associations if the withdrawable capital accounts are insured by the Federal Savings And Loan Insurance Corporation; and in savings accounts or certificates of deposit of a national or state bank. All securities shall be deposited with the treasurer of the municipality, and be subject to the order of the board. Interest on such investments shall be credited to the account of the pension fund.
(F) To keep a record of all its meetings and proceedings. (1977 Code)