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similar circumstances. Trustees shall comply with all applicable laws including <br />applicable provisions of the Minnesota Statues, Chapter 356A, The Public Pension <br />Fiduciary Responsibility Act and Minnesota Statues, Chapter 424A, governing <br />Minnesota's Volunteer Firefighter Relief Associations. <br />Section 9.2. 1n ;,estrnent Duties: It shall be the duty of the Board of Trustees to prepare <br />modes and plans for the safe and profitable investment of the unappropriated funds of the <br />Associations general fund The Board of Trustees shall order an audit of the books and <br />accounts of the Secretary and the Treasurer annually, according to law, and shall submit a <br />written report of the condition of the Association to the members at the annual meeting of <br />the Association. The members of the Board shall act as Trustees with a fiduciary <br />obligation to the State of Minnesota, to the City of Hugo and the members of the <br />Association. <br />Section 9.3. Broker's Acknowledgement: The board of trustees shall comply with <br />Minnesota Statutes §356A.06, Subd. 8b that requires the relief association to provide <br />annually to any brokers, a written statement of investment restrictions pursuant to statute <br />or the investment policy that applies to the special fiord. Upon receipt of the written <br />statement of investment restrictions, each broker handling investments of the Association <br />shall acknowledge, in writing annually the receipt of the investment restrictions. The <br />acknowledgment shall contain a statement that the broker agrees to handle the <br />Association's investments pursuant to the written restrictions, and in accordance with <br />Minnesota law governing the investment of volunteer firefighter relief association assets. <br />A$TICLL Z <br />FUTTTDS <br />Section 10.11. Funds: All money received from the Association shall be kept in two <br />separate funds. Disbursements from the funds shall be in accordance with Minnesota <br />Statutes and Rules and the bylaws of the Relief Association. <br />Section 10.2. General Fund: The funds received by this Association from, <br />entertainment revenues, fundraisers, property and gifts donated to the Association shall <br />be kept in the general fimd of the Association. The treasurer shall be the custodian of the <br />assets of the general fund and maintain adequate records documenting any transaction <br />involving the assets or the revenues of the general fiord. The assets of the general fiord <br />may be disbursed for any purpose reasonably related to the welfare of the Association or <br />its members, as authorized by the Board of Trustees. Any purchases from the general <br />fund account, which has a fiscal note greater than five thousand dollars ($5,000) must be <br />brought to the membership of the Association for approval. <br />Section 10.3. Special Fund: All funds received by this Association qualifying as state <br />aid received pursuant to law, all taxes levied by or other revenues received from the city <br />pursuant to law providing for municipal support for the relief association, any moneys or <br />property donated, given, granted or devised excluding fundraiser proceeds, by any person <br />which is specified for the use for the support of the Special Fund, and any interest earned <br />