13-14a05.   Pension funds; designation; tax levies, when; investment of funds.(a) The amount of money derived from taxes levied and all moneyreceivedfrom assessments, dues and donations for the benefit of such fundsshallconstitutepension trust funds to be known and designated, respectively, as thepolicemen'spension fund and the firemen's pension fund. Such pensionfundsshall bedevoted exclusively to and for the purposes enumerated inthis section. Allmoneys derived from the taxes levied and money received from othersourcesas enumerated in this section shall be paid into thepolicemen'spension fund or thefiremen's pension fund, as the case may be, until the amount in such pensionfund equals the total of the actuarially-determined liabilities which areattributable to all members in active service and to all persons who arereceiving, or who are entitled to receive in the future, pensions and otherbenefits from such fund. Further tax levies shall be made only for the purposeof maintaining each pension fund at such level.

      (b)   All moneys accumulated under the provisions of this act shall bedepositedby the treasurer in the same manner as other city funds, except that theboard of trustees , at their option, may invest any ofsuch reserve fundsin:

      (1)   Investments authorized by K.S.A. 12-1675 and amendmentsthereto inthe manner prescribed therein ;

      (2)   direct obligation bonds of the UnitedStates of America maturing, or redeemable, at par and accrued interest,within three years from date of purchase; or

      (3)   bonds of any municipalityin the state of Kansas, the total bonded indebtedness of which is less than15% of the total assessed tangible valuation ofsuch municipality. Such bonds shall mature within five yearsfrom thedateof purchase.

      History:   L. 1945, ch. 111, § 5; L. 1976, ch. 89, § 2; L.1977,ch. 54, § 14;L. 1998, ch. 64, § 5; July 1.