(a)     All of the contributions and assets whatsoever attributable to the System and including assets attributable to Police Officers and Firefighters under article IV of chapter 20 of the City Code of the City of Fort Lauderdale, as such article existed prior to the passage into law of the provisions of this system, shall be deposited into the trust fund originally established and continued hereunder under an amended trust agreement.

(b)     The actual supervision of the Fund (and assets thereof) shall be vested in the Board. Payment of benefits and disbursements from the Fund shall be made by the City finance department on authorization from the Board.

(c)     The Board may retain a custodian of the trust fund. A trust agreement shall be executed between the Board and the custodian under the terms of which the custodian shall be authorized to receive and hold in such Fund all contributions and assets whatsoever payable and attributable to the Retirement System. It shall be impossible under the terms of this System or any trust agreement hereunder for any part of the principal or income of the Fund, except for such sums as may be expended in administration of the System, to be used for or diverted to purposes other than the exclusive benefit of Employees, their Beneficiaries and benefits provided hereunder. No disbursement shall be made by the Trustee except upon written authorization from the Board to the City finance department and subsequent written notification to the Trustee.

(d)     All funds and securities of the System may be commingled in the Fund, provided that accurate records are maintained at all times reflecting the financial composition of the Fund, including, accurate current accounts and entries as regards the following:

(1)     Current amounts of accumulated contributions of Employees on both an individual and aggregate account basis;

(2)     Receipts and disbursements;

(3)     Payment to retirees;

(4)     Current amounts clearly reflecting all moneys, funds and assets whatsoever attributable to contributions and deposits from the City;

(5)     All interest, dividends and gains or losses whatsoever; and

(6)     Such other entries as may be properly required so as to reflect a clear and complete financial report of the Fund.

(e)     The City finance department is authorized to and charged with the responsibility of collecting Member contributions, maintaining records pertaining thereto, and promptly transmitting all funds so collected, as well as all other funds whatsoever designated for the Plan, to the Trustee. The City finance department shall also:

(1)     Make payments to retirees; and

(2)     Receive copies of all annual reports on trust Fund transactions.

(f)     In the event the Board should purchase annuity or life insurance contracts to provide all or part of the benefits provided for herein, the Board shall follow the principles set forth in Sec. 175.081, Fla. Stat. (1999) as to Firefighters and Sec. 185.061, Fla. Stat. (1999) as to Police Officers, as same may be amended from time to time.

(g)     In the administration of the finances and affairs of the Fund, the Board of Trustees may:

(1)     Invest and reinvest the assets of the Plan in annuity and life insurance contracts of life insurance companies in amounts sufficient to provide, in whole or in part, the benefits to which all of the participants in the Plan shall be entitled under the provisions of this Plan and Chapters 175 and 185, Florida Statutes, and pay the initial and subsequent premiums thereon.

(2)     Invest and reinvest the assets of the Plan and in administering the affairs of the Plan, the Trustees shall

(A)     discharge their fiduciary duties with respect to the Plan solely in the interest of the Members and Beneficiaries and for the exclusive purpose of

(i)     providing benefits to Members and Beneficiaries and

(ii)     defraying reasonable expenses of administering the Plan.

(B)     with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims

(C)     by diversifying the investments of the Plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so

(3)     Issue drafts upon the Plan pursuant to the provisions of this Plan, Chapters 175 and 185, Florida Statutes and rules and regulations prescribed by the Board. All such drafts shall be consecutively numbered, be signed by the chair and secretary, and state upon their faces the purposes for which the drafts are drawn. The City Treasurer or other depository shall retain such drafts when paid, as permanent vouchers for disbursements made, and no money shall otherwise be drawn from the Fund.

(4)     Convert into cash any securities of the Fund.

(5)     Keep a complete record of all receipts and disbursements and of the Board's acts and proceedings.