§ 23-38. General powers of Board.

The Board shall have the power and authority as follows:

(a)

To invest and re-invest monies of the fund. In making such investments, they shall be governed by the laws of the State of Florida relating to the investment of fiduciary funds. Such laws shall not restrict the Board from investing in shares of State or federal chartered savings and loan associations whose shares are insured by the Federal Savings and Loan Insurance Corporation.

(b)

To approve disbursements, pay claims, and authorize payments from the fund by warrants signed by the Chairman and Secretary of the Board.

(c)

To interpret the provisions of this ordinance [article] where the meaning is not clear or ambiguity exists; and to promulgate necessary rules respecting the operation of the fund, or elections of Trustees not in conflict with the wording or clear intent of this ordinance [article].

(d)

To authorize expenditures in connection with preliminary research, technical services, legal services and accounting services; to contract for employees necessary to the general administration of the fund and to employ legal counsel and auditors necessary to the proper administration of the fund.

(Ord. No. 64-6, § 9, 2-4-64)