§ 3.36.520 — Custodian
San José Municipal Code (Supp. No. 5: codified through Ordinance No. 31341, enacted August 25, 2026) · San José Municipal Code § 3.36.520
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3.36.520 - Custodian.
A. Except as provided in subsection B., the city director of finance is and shall be the custodian of the retirement fund, subject to the exclusive control of the board as to the administration and investment of the same. B. The board may enter into contractual arrangements with California banks or with national banking associations to provide master custody services with respect to the assets of the retirement fund. Such contracts shall be entered into in the name of the board of administration for the police and fire department retirement plan. C. All payments from the fund shall be made by the city director of finance upon demands made by the retirement board. D. All amounts received by the board or by the system under the provisions of this chapter shall be deposited with the custodian bank or the city director of finance to the credit of the retirement fund, including but not limited to any and all contributions, any and all interest earned on bank deposits, and any and all other income of this system or of the fund.
(Prior code § 2903.127; Ord. 25084.)