[Adopted 10-3-1989 as Ch. 35, Art. II, of the 1989 Code]
The Borough Council shall appoint, by resolution,
a Trustee of the Police Pension Fund or Pension Annuity, and said
Trustee is to receive all moneys coming into said Police Pension Fund
and is to deposit the same in a depository selected by her, said Trustee;
and further, said Trustee is hereby granted the authority to invest
said fund at her discretion and to the best interest of said borough;
said investments, however, are to be limited to the highest and best
interest rate that can be obtained in said depository selected at
her discretion.
The selection of said depository by said Trustee
and the determination of the highest rate of interest or income in
said depository shall be approved by the President of the Borough
Council and the Chief of Police of the Borough of Trafford.
Said Trustee shall annually file with the Borough
Council of the Borough of Trafford a financial report, showing the
money and source of said money received during the year, the name
of the depository, the extent of the investment and the money earned
thereby, as well as the expenditures during said year. Said report
shall be filed with the Borough Council of the Borough of Trafford
within 30 days after receipt of the audit provided by the proper agency
of the Commonwealth of Pennsylvania.
