9-921. Powers and duties of the board;
audit
A. The police pension board shall have exclusive control and management of the
police pension fund, subject to the provisions of this article. It shall make rules, not
inconsistent with the provisions of this article, for its government, the conduct of its
proceedings and the management of the fund, and shall do all things necessary to carry
out the provisions of this article. It may compel witnesses to attend hearings, or
produce records and papers, and testify with respect to applications for pensions, or
upon any matter connected with the fund, and any member of the board may administer oaths
to such witnesses.
B. The board may invest or reinvest, in the name of the board, that portion of the
fund which in its judgment is available for investment in such interest-bearing
securities as follows:
1. Bonds of the United States.
2. Federal housing insured mortgage bonds of the United States.
3. Bonds, debentures or other obligations issued by the federal land banks, the
federal intermediate credit banks or the banks for cooperatives.
4. Any bonds upon which the payment of interest and principal are guaranteed by the
United States.
5. Bonds issued by any United States government instrumentality or federal agency
that qualify and are acceptable as security for public funds of the United States
government.
6. General obligation bonds of the state or of the counties, incorporated cities
and towns and school districts.
7. Revenue bonds of the incorporated cities and towns of this state, Arizona board
of regents, Arizona power authority or any other legally constituted state authority or
agency authorized by law to issue revenue bonds, except revenue bonds for recreational
purposes issued by cities and towns.
8. Bonds of agricultural improvement districts and agricultural improvement and
power districts organized under the laws of this state when issued or guaranteed, with
the approval of the secretary of the interior, by corporations operating a United States
reclamation project within the state.
9. Bonds of incorporated cities or towns of this state issued under the provisions
of sections 9-692 through 9-707.
10. First lien bonds of sanitary districts issued pursuant to title 48, chapter 14.
11. Registered warrants of the state, or registered county or school
district warrants when offered as security for monies of the county or school district
by which they are issued.
12. Interest bearing savings accounts or certificates of deposit in banks doing
business in this state whose accounts are insured by the federal deposit insurance
corporation, but only if such deposits in excess of the insured amount are secured by the
depository to the same extent and in the same manner as required by the general
depository law of the state.
13. Interest bearing savings accounts or certificates of deposit in savings and loan
associations doing business in this state whose accounts are insured by the federal
savings and loan insurance corporation, but only if such deposits in excess of the
insured amount are secured by the depository to the same extent and in the same manner as
required by the general depository law of the state.
C. The board shall cause an annual audit and report of the fund to be made by a
certified public accountant, and shall also cause actuarial studies of the fund to be
made periodically, but not less than once in each three years, by a qualified actuary who
is a member of the society of actuaries. The actuary shall make specific recommendations
as to the contributions to be made to the fund in accordance with the provisions of
section 9-923, subsection A, paragraph 10 in order to maintain the fund on an actuarily
sound basis.
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