The said board of trustees shall have power to and shall order the treasurer of said
board to draw and issue warrants and drafts which will be signed as hereinafter mentioned
for payment from the assets of said fund for the benefits and pension provided for
and specified to be paid under the terms and provisions of this act, and the said
board of trustees shall have power to and shall perform and carry out any and all
duties, provided and specified for them to carry out and perform under the terms and
provisions of this act, and shall invest said fund. The investment of the assets of
the pension fund shall be subject to the limitations and conditions set forth in Florida
Statutes Section 175.071 and Section 215.47 (1) - (6), (8), (9), (11), and (17), and
shall be pursuant to a written investment policy adopted by the board of trustees
pursuant to Florida Statutes Section 112.661, as such statutes now exist or as they
may exist in the future. The board of trustees shall be empowered to enter into an
agreement, in its discretion, with an insurance company, authorized to do business
in the State of Florida, for the payment of the permanent disability benefits and
survivor's benefits to be paid under the terms and conditions of Laws of Fla. ch.
23444(1945), as amended. Said board shall also be empowered to enter into an agreement,
in its discretion, with a bank, trust company, savings and loan association, investment
management company, or insurance company, authorized to do business in the State of
Florida, for the investment, management and/or administration of pension funds and
the payment of pensions as provided under the terms and conditions of Laws of Fla.
ch. 23444(1945), as amended. The said trustees shall deposit such part of said fund
as they deem necessary to the efficient and practical operation and administration
of this act in a banking institution in the City of Orlando, Florida, and said fund
so deposited shall be secured by direct obligations of the government of the United
States and such obligations as shall be fully guaranteed, both as to principal and
interest, by the government of the United States. The said trustees shall from time
to time as necessary designate by order the depository or depositories for said fund
and the assets thereof. The board shall retain an independent consultant professionally
qualified to evaluate the performance of professional money managers, which consultant
shall be retained by the board to review on an annual basis such performance pursuant
to Florida Statutes Section 175.071(6)(b).
(Laws of Fla. ch. 23444(1945), § 5; Laws of Fla. ch. 61-2605, § 3; Laws of Fla. ch.
73-573, § 2; Laws of Fla. ch. 80-561, § 2; Laws of Fla. ch. 81-451, § 1; Laws of Fla.
ch. 84-493, § 5; Laws of Fla. ch. 89-459, § 5; Ord. of 10-18-2010, § 1, Doc. #1010181101)
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