The Mayor, the City Manager, the Police Commissioner
or, in the event that the office of Police Commissioner is or becomes
vacant for any reason whatsoever, then the Chief of Police of the
City of New Rochelle and their successors in office, the Commissioner
of Finance, the City Clerk and a retired member of the Department
of Police who is a member of the local pension fund elected by the
members of this pension fund to serve for a period of two years shall
constitute a board of trustees of the Police Pension Fund established
by this Act. The Mayor shall be President of said Police Pension Fund.
The board of trustees of said Police Pension Fund shall on the first
Monday of February after the passage of this Act elect a Secretary
and Treasurer of said fund. The President and Secretary shall perform
the customary duties of their respective offices. The Treasurer shall,
before entering upon the discharge of his duties as such Treasurer
with two or more sureties or a surety company, execute and deliver
to the trustees of the Police Pension Fund a joint and several bond
to the people of the State of New York, to be approved by the said
trustees, in a penalty to be fixed by the said trustees, conditioned
for the faithful discharge of his duties as such Treasurer, and the
payment and delivery to his successor, or to the said trustees, of
said fund, upon the expiration of his term of office or upon his resignation,
death or removal from office, which bond when approved shall be filed
in the office of the City Clerk of the City of New Rochelle; and the
sureties upon the said bond shall be jointly and severally liable
for the faithful discharge of the duties of such Treasurer and the
payment and delivery to his successor, or to the said trustees, of
said fund, not only during the term of office for which such Treasurer
was appointed, but in case of his reappointment, shall continue until
a new bond with sureties shall have been given, approved and filed
as herein provided. The trustees of said Police Pension Fund shall
designate a depository in which the funds received by the Treasurer
shall be deposited, and all checks or drafts drawn upon said funds
shall be signed by said Treasurer and countersigned by the President
of said trustees. The trustees of the Police Pension Fund shall have
charge of and administer said fund, and from time to time invest the
same or any part thereof as they shall deem most beneficial to said
fund; but no investment of funds shall be made except by the unanimous
vote of the trustees of said pension fund; and they are empowered
to make all necessary contacts and take all necessary and proper actions
and proceedings in the premises, and to make payments from such funds
and pensions granted in pursuance of this Act. The said trustees may
and they are authorized and empowered from time to time to establish
such rules and regulations for the disposition, investment, preservation
and administration of the Police Pension Fund as they may deem best.
They shall report in detail to the Council of the City of New Rochelle
annually at the same time that the City Manager makes his annual report
to the said Council, in which report shall be stated the condition
of the Police Pension Fund, how invested and the items, and their
receipts and disbursements on account of the same. No payments whatsoever
shall be allowed or made by the said trustees as reward, gratuity
or compensation to any person or persons for salary or service rendered
to or for said trustees, except payment of legal expenses and the
cost of procuring said treasurer's bond from a surety company.
[Enacted by Local Law No. 3-1964 (June 17, 1964);
amended by Local Law No. 5-1971 (November 8, 1971); Local Law No.
3-1973 (December 10, 1973). ]
