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§ 40-58 — Trust fund

Oklahoma City Municipal Code (Supp. No. 5, Update 1: codified through Ordinance No. 28070, adopted April 21, 2026) · Oklahoma City Municipal Code § 40-58

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§ 40-58. - Trust fund.

All monies provided for the System shall be paid to and received by the City Treasurer for the use and benefit of the System as a trust fund. All assets of the System shall be held in trust for the exclusive purpose of providing benefits for the Participants and beneficiaries of the System, including defraying reasonable expenses of administering the System, and shall not be encumbered for or diverted to any other purpose. At no time prior to the satisfaction of all liabilities with respect to Participants and their beneficiaries under the trust, shall any part of the corpus or income of the fund be used for, or diverted to, purposes other than for the exclusive benefit of the Participants or their beneficiaries.

(Ord. No. 21916, § 2, 2-12-02)