Sec. 11. (a) The local board shall determine how much of the 1953 fund may be safely invested and how much should be retained for the needs of the fund. The investment shall be made in interest bearing direct obligations of the United States, obligations or issues guaranteed by the United States, bonds of the state of Indiana or any political subdivision, or street, sewer, or other improvement bonds of the state of Indiana or any political subdivision. However, the local board may not invest in obligations issued by the consolidated city, the county, or any political subdivision in the county. Any securities shall be deposited with and remain in the custody of the treasurer of the local board, who shall collect the interest due on them as it becomes due and payable. The local board may sell any of the securities belonging to the 1953 fund and borrow money upon the securities as collateral whenever in the judgment of the local board this action is necessary to meet the cash requirements of the 1953 fund.
(b) The revenues derived from the tax levy authorized by section 10(c) of this chapter may not be invested but shall be used for the exclusive purpose of paying the pensions and benefits that the local board is obligated to pay. These revenues are in addition to all money derived from the income on the investments of the board.
(c) Investments under this section are subject to section 1.5 of this chapter.
As added by Acts 1982, P.L.77, SEC.9. Amended by P.L.55-1989, SEC.58.
Structure Indiana Code
Chapter 7.5. 1953 Police Pension Fund (Indianapolis)
36-8-7.5-0.1. Application of Certain Amendments to Chapter
36-8-7.5-1. Application of Chapter; Officers Eligible for Benefits
36-8-7.5-1.5. Qualification of 1953 Fund Under Internal Revenue Code; Benefit Limitations
36-8-7.5-1.7. "Americans With Disabilities Act"
36-8-7.5-1.9. Administration of Fund
36-8-7.5-2. Establishment of Fund; Local Board of Trustees; Terms; Vacancies; Compensation; Bylaws
36-8-7.5-3. Officers of Local Board; Powers and Duties; Secretary's Bond; Reports
36-8-7.5-4. Management of Revenue of Fund by Local Board
36-8-7.5-5. Applications to Local Board for Annuities, Pensions, and Benefits
36-8-7.5-6. Annual Report of Local Board
36-8-7.5-7. Employees of Local Board; Compensation
36-8-7.5-9. City Officers; Powers and Duties
36-8-7.5-10. Insufficient Pension Fund; Estimates; Statement; Tax Levy
36-8-7.5-10.5. Use of Certain Amounts in 1953 Fund
36-8-7.5-11. Investments of Local Board
36-8-7.5-12. Voluntary Retirement Pension; Emergency Services
36-8-7.5-12.5. Reemployment After Retirement
36-8-7.5-13.2. Determination Whether Disability in Line of Duty
36-8-7.5-13.6. Members Dying Other Than in Line of Duty
36-8-7.5-13.7. Members Dying in Line of Duty Before September 1, 1982
36-8-7.5-13.8. Death Benefits Paid to Beneficiary or Estate of Member
36-8-7.5-14.1. Members Dying in Line of Duty After August 31, 1982
36-8-7.5-15. Necessity of Application; Dismissed Member of Police Department
36-8-7.5-16. Reduction in Monthly Pension
36-8-7.5-20. Benefits Paid Contrary to Law; Recovery of Pension
36-8-7.5-21. Remuneration or Allowances Not to Be Used in Computation of Benefits
36-8-7.5-22. Special Lump Sum Death Benefit in Addition to Other Benefits