§ 18-87. Establishment and operation of fund.

(a)

There is hereby established a special fund, to be known as the volunteer firefighter's retirement system trust fund, hereinafter referred to as the fund, into which shall be deposited all contributions and assets whatsoever of the system.

(b)

Subject to the overall supervision of the board of trustees, and other provisions herein, the actual collection, custody and payment of the funds, and the fund established by this article, shall be vested in the city treasurer; provided, however, payment of benefits and disbursements from the fund shall be made only on authorization from the board of trustees; provided further, that the board of trustees shall have the power and authority to hire and appoint such persons, agents or entities, including corporate fiduciaries, as in its discretion may be required or advisable to enable it to perform its duties hereunder, and including the authority to enter into agency, investment advisory and custodial agreements for the purpose of securing investment and custodianship services for the system and fund.

(c)

The board shall have the authority to direct the fund's custodian bank or corporate fiduciary to make the authorized disbursements without the necessity of requiring checks to be signed by the city treasurer and city clerk, and in compliance with the applicable requirements of Chapter 175, Florida Statutes.

(d)

All funds and securities of the system may be commingled in the fund established for purposes of the system, provided that accurate records are maintained at all times reflecting the financial composition of the fund. All funds and securities appertaining to the system shall be deposited with the city treasurer who shall in turn deposit such funds and securities in the fund. The board shall be required to have prepared annually a complete accounting of the financial and other transactions of the fund. Such accountings shall reflect a complete valuation of assets on both a cost and a market basis. The provision of section 175.301, Florida Statutes, shall be followed.

(e)

In addition to powers given by law, and the powers given elsewhere in this document, the trustee may invest in, without limitation on the amount that may be invested therein, any common trust fund or collective investment medium operates by the trustee, provided that as long as this trust has any investments in a common trust fund which is available only to employee benefit trusts which meet the requirements of section 401(a) of the Internal Revenue Code of 1954 or corresponding provisions of subsequent income tax laws of the United States, such common trust fund shall constitute an integral part of this trust and of the plan. Additionally, if the trustee is a bank supervised by the United States or a state, the trustee may deposit monies in its own checking account, savings account, certificates of indebtedness, or similar arrangements for the benefit of this trust.

(Code 1964, § 9A-27(a); Ord. No. 1730, § 4, 8-29-90; Ord. No. 1758, § 13, 12-19-90; Ord. No. 2010, § 1, 1-4-95)