§ 40-64. Investments.

(a)

The Trustees shall have the power and authority, in their sole discretion, to invest and reinvest such funds as are not necessary for current expenditures or liquid reserves, as they may from time to time determine. The Trustees may sell, exchange or otherwise dispose of such investments at any time and, from time to time, as provided in section 40-69(f). The Trustees shall have the authority, in respect to any stocks, bonds or other property, real or personal, held by them as Trustees, to exercise all such rights, powers and privileges as might be lawfully exercised by any person owning similar stocks, bonds or other property in his own right.

(b)

Delegation and Allocation of Investment Functions.

(1)

The Trustees are authorized, in their discretion to allocate such duties and responsibilities to invest and reinvest such Fund assets as they shall specify in such allocation to a committee or subcommittee of the Board of Trustees in accordance with section 40-67, provided, however, that such action shall have been approved by a vote of at least three (3) Trustees as provided in section 40-41.

(2)

The Trustees shall have the power and authority to appoint one (1) or more investment managers who shall be responsible for the management, acquisition, disposition, investing and reinvesting of such of the assets of the Trust Fund as the Trustees shall specify. Any such appointment may be terminated by the Trustees upon written notice. The fees of such investment manager, and its expenses to the extent permitted by law, shall be paid out of the Trust Fund. The Trustees shall require that the investment manager acknowledge in writing that it is a fiduciary with respect to the Plan.

(3)

In connection with any allocation or delegation of investment functions under paragraphs (1) and (2) of this subsection (b), the Trustees shall, from time to time, adopt appropriate investment policies or guidelines.

(4)

The Trustees shall at least once every three years retain an independent consultant professionally qualified, as defined in Chapter 185 Florida Statutes, to evaluate the performance of professional money managers. The independent consultant shall make recommendations to the Board of Trustees regarding the selection of money mangers for the next investment term. These recommendations shall be considered by the Board of Trustees at its next regularly scheduled meeting. The date, time, place and subject of this meeting shall be advertised in the same manner as any other meeting of the Board of Trustees.

(Ord. No. 90-33, Ch. I, § 5.4, 5-21-91; Ord. No. 99-07, § 2, 4-6-99)