§ 62-211. Management of assets; investment authority.

(a)

The board shall be the trustees of the assets of the retirement system. It shall have full power to invest and reinvest the assets subject to the conditions set out in this section and the Laws of Florida. Such investments and reinvestments may include, but shall not be limited to, the following:

(1)

Direct obligations of the United States government or any agency thereof and other evidence of indebtedness which are fully guaranteed by the United States government or any other agency thereof for payments of principal and interest.

(2)

Deposits in savings and loan associations up to the amount, as to each bank or association, guaranteed by the United States government or any agency thereof, and debt securities, including tax sale certificates limited to those of the city, of any other municipality within the state, and the county.

(3)

Insurance or annuity contracts issued by an insurance company licensed to do business in the state.

(4)

All corporate and association securities and mutual funds issued by a corporation or other legal person incorporated or otherwise organized within the United States and domiciled therein or securities of foreign corporations listed on the New York Stock Exchange.

The trustees shall set an investment policy for the retirement system's assets and shall review that policy at least annually. The trustees shall be required to engage the services of professional investment counsel to assist and advise the trustees in the performance of their duties.

(b)

The board shall have full power to hold, purchase, sell, assign, transfer and dispose of any of the securities and investments in which any of the moneys of the retirement system have been invested, as well as the proceeds of such investments and any moneys belonging to the system.

(c)

There shall be kept on deposit available cash to the extent the board deems prudent. Except as set forth in section 62-177 and section 62-210, all assets of the system shall be held for the sole purpose of meeting disbursements for retirement allowances and other payments authorized by this division and shall be used for no other purpose.

(d)

The description of the various reserves of the retirement system shall be interpreted to refer to the accounting records of the system and not to the segregation of moneys in the reserves of the system.

(Code 1979, § 2-314.1.36)