The board shall have the power, and it shall be its duty:
(A) To control and manage the pension fund.
(B) To submit annually to the city council at the close of the municipality's fiscal year, a list of persons entitled to payments, and their purpose, as ordered by the board. It shall also include items of income accrued to the fund during such fiscal year. Such list shall be signed by the secretary and president of the board, and attested under oath. No resolution or order for the payment of money shall be valid unless approved by a majority of the members of the board, and any order for such payment shall be signed by the president and secretary of the board.
(C) To draw such pension funds from the treasurer or other officials of the municipality, and invest any part thereof in the name of the board of the police 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.
(D) To compel witnesses to attend and testify before it, upon all matters connected with administration in the manner provided by law for the taking of testimony before masters in chancery. The president, or any member of the board may administer oaths to such witnesses.
(E) To appoint a clerk and define his duties. No person drawing a pension shall be employed by the board.
(F) To provide for the payment from the fund of all necessary expenses, including clerk hire, printing and witness fees.
(G) To keep a public record of all its proceedings.
(H) On the second Tuesday in May annually, the treasurer and all other officials of the city, who had the custody of any pension funds herein provided shall make a sworn statement to the board of the police pension fund, and to the mayor and council of the city, of all monies received and paid out by them on account of the pension fund during the year, and of the amount of such funds then on hand and owing to the pension fund. All surplus then remaining with any official other than the treasurer shall be paid to the treasurer of the city. Upon demand of the pension board any official shall furnish a statement relative to the official method of collection or handling of such pension funds. All books and records of such official shall be produced at any time by him for examination and inspection by the board. (1977 Code)