§ 2-1365. Establishment of trust and board of trustees.

(a)

Trustee. The board shall be the trustee of all funds created pursuant to the program and shall, subject to the provisions of section 2-1364(a)(1) set forth above, have full power to invest and reinvest them. Investments may include, but are not limited to, bonds of the United States Government, State of Missouri, municipal corporations including school districts, corporate bonds, real estate mortgages and common and preferred stocks.

(b)

Membership. The board of trustees shall consist of nine members, including the director of human resources of the city or authorized representative and the director of finance of the city or authorized representative. The city manager shall appoint, for one-year terms each, two trustees recommended by Local 42, International Association of Fire Fighters, two trustees recommended by Local 500, American Federation of State and Municipal Employees, one trustee recommended by Local 3808, International Association of Fire Fighters, and two trustees from the general employee population. Each trustee other than the director of human resources of the city and the director of finance of the city must be a participant.

(c)

Compensation. The board members shall not receive compensation for their services but shall be reimbursed by the general funds of the trust for all necessary expenses incurred on behalf of the program and the trust.

(d)

Organization. The board shall prescribe such rules, regulations, forms and procedures as are necessary to administer the trust. Each member shall be entitled to one vote. A majority of four trustees shall constitute a quorum and a majority of a quorum shall be required for any decision. The board shall elect a chairman and such other officers as it deems necessary from its membership by majority vote.

(e)

Asset transfer. On or before December 31, 1998, the city shall cause to be transferred to the trust all assets held by the city which fund all plans.

(Ord. No. 980479, § 1, 5-21-98; Ord. No. 080896, § 1, 9-11-08; Ord. No. 140976 , § 5, 12-11-14)