§ 4-32-24 — Investment of fund

Sec. 4-32-24. - Investment of fund.

The board shall provide for the proper investment of moneys of the retirement fund, and except to the extent provided by the board, invest and reinvest the principal and income of the retirement fund in any and all stocks (common or preferred), bonds, mutual funds, notes, debentures, equipment trust certificates and in other evidences of indebtedness or ownership and such other investments and securities of any kind, class, character or location, as well as in units of any commingled, collective, common pooled or mutual trust fund; provided that the total sum invested in common or preferred stocks, convertible bonds or debentures shall not exceed 65 percent of the total retirement fund; and further, provided, that all investments shall be of a quality grade, all commercial class "A" or comparable. Any fees arising from employment of investment counsel shall be paid from the income from the retirement fund itself.

(Code 1985, § 18-63; Ord. No. 4173, § 1, 4-16-1993; Ord. No. 4487, § 1, 5-6-1997)