The board shall have the powers and duties stated in the Act, including but not limited to the following:

    A.    To Control and Manage the Pension Fund. To control and manage, exclusively, the pension fund, and all money donated, paid or assessed to the pensioning of disabled and retired police officers, their surviving spouses, minor children and dependent parents. All such moneys shall be placed by the city treasurer to the credit of the fund, subject to the order of the board;

    B.    To Order Payments and Issue Certificates. To order the payment of pensions and other benefits and to issue certificates signed by the board’ s president and secretary to the beneficiaries stating the amount and purpose of the payment;

    C.    Submit Annual List of Fund Payments. To submit annually to the city council by April 30th of each year, a list of persons entitled to payments from the fund, stating the amount of payments, and their purpose, as ordered by the board. The list shall also include items of income accrued to the fund during the fiscal year. The list shall be signed by the president and secretary of the board, and attested under oath. A resolution or order for the payment of money shall not be valid unless it is approved by a majority of the board members, and signed by the president and secretary of the board;

    D.    Draw and Invest Funds. To draw pension funds from the city treasurer, and invest any part thereof in the name of the board in: (1) interest-bearing bonds or tax anticipation warrants of the United States, of the state of Illinois, or of any county, township or municipal corporation of the state of Illinois; (2) insured withdrawable capital accounts of state or federal chartered savings and loan associations if the withdrawable capital accounts are insured by the Federal Savings and Loan Insurance Corporation; (3) insured investments of credit unions if insured by the National Credit Union Administration; (5) savings accounts or certificates of deposit in a national or state bank; (6) other investments authorized by Section 3-135 of the Act.

    All securities shall be deposited with the treasurer of the city, and be subject to the order of the board. Interest on the investments shall be credited to the pension fund.

    No bank or savings and loan association shall receive investment funds from the fund, unless it has complied with the requirements establish pursuant to Section 6 of An Act Relating to Investments of Public Funds by Public Agencies (Ill. Rev. Stat., Ch. 85, Sec. 906). Limitations set forth in said Section 6 shall be applicable only at the time of investment and shall not require the liquidation of any investment at any time;

    E.    Subpoena Witnesses. To compel witnesses to attend and testify before the board upon all matters connected with the administration of the Act, in the manner provided by law for taking of testimony in the Circuit Courts of the state of Illinois. The president, or any board member, may administer oaths to witnesses;

    F.    Appoint Clerk. To appoint a clerk and define his duties. No person drawing a pension under this chapter shall be employed by the board;

    G.    Pay Expenses. To provide for the payment from the fund of all necessary expenses, including clerk hire, printing or witness fees;

    H.    Keep Records. To keep a public record of all board proceedings;

    I.    Make Rules. To make necessary rules and regulations in conformity with the provisions of the Act, and to publish and transmit copies from time to time to all pensioners and contributors;

    J.    Accept Donations. To accept by gift, grant, transfer or bequest, any money, real estate, or personal property. Such money and the proceeds of the sale of or the income from such real estate or personal property shall be paid into the pension fund. (Ord. 867 § 5, 1990)

2.66.050    Powers and duties of the board.