Ordinance 3023 - Laserfiche WebLink

• • April 1948. The Clerk of the City of Everett shall fix the time for filing of notices of nominations, allowing not less than Five (5) days for that purpose and shall fix the date for said special election, which shall not be less than Five (5) days after the expiration of the time fixed for the filing of notices of nomination. Said special election shall in every other respect b= governed by rules of this section provided for the holding of the regular election of members of said Board. That within Five ( 5) days after the special election heretofore mentioned , and every Three ( 3 ) years thereafter, the elected members shall meet with the Three (3) members of the Board specifically designated, whereupon a seventh member shall be appointed by the then Six ( 6 ) members of the Board to serve for a term of Three (3) years. The Board shall then enter upon its duties and adopt such rules and regulations end perform such acts as shall be necessary. (b ) The :`ayor shall be ex officio Chairman, the City Clerk ex officio secretary, and the City Treasurer ex officio Treasurer of the Board. ( c) The investment of all or any part of the Retirement Fund shall be subject to the terms , conditions, limitgtiorFnd restrictions imposed by the state of Washington upon the making of investments by savings banks ; provided, however, that the Board may invest in any of the bonds or warrants issued by the City of Everett , including Local Improvement fonds and Warrants and Utility bonds and ':arrant s, and in any securities or other investments in which stock legal reserve life insurance companies domiciled in the _tate of ,oashington may legally invest any of their funds. (d) subject to such provisions as may be prescribed by law for the deposit of municipal funds in banks, cash belonging to the LetirerrEnt Fund may be deposited in any licensed national bank or banks in this state , or in any bank, banks or corpora- tions -uthorized or licensed to do a banking business and organie:d under the laws of the State of 'Washington. (e ) The City Treasurer shell be the custodian of the Retire ment Fund. 1411 payments from said fund shall be mEde by the City Tree surer, but only upon warrant duly executed by the City Clerk. (f) Except as herein provided, no member and no employe of the Board of _administration shall have any interest , direct or indirect , in the maki-g of any investments from the Retirement Fund, or in the gains or profits accruing therefrom. And no member of the Board or employe thereof, directly or indirectly, for himself or as an agent or partner of others, shall borrow any of its funds or deposits or in any manner use the same except to make such current and necessary payments as are authorized by said Board, nor shall any member of said Board become an endorser or surety or become in any manner an obligor for moneys invested by the board. -8-