2016.08.15 CC Packet - Laserfiche WebLink

Home

on the assets of the Special Fund. Any tax sources and other money which may be directly donated or transferred to said fund, shall be kept in a separate account on the books of the Treasurer known as the Special Fund and shall be disbursed only for the following purposes. 1. Payment of members' service pension benefits in accordance with these bylaws; 2. Payment of ancillary benefits in accordance with these bylaws; 3. Administrative expenses in accordance with the laws of Minn. Stat. §69.80, as amended, as follows: a) Office expense including but not limited to rent, utilities, equipment, supplies, postage, periodical subscriptions, furniture, fixtures and salaries of administrative personnel. b) Salaries and itemized expenses of the president, vice-president, secretary, and the treasurer of the association or their designees, incurred as a result of fulfilling their responsibilities as administrators of the special fund. c) Tuition, registrations fees, organizational dues, and other authorized expenses of the officers or members of the Board of Trustees incurred in attending educational conferences, seminars or classes relating to the administration of the relief association. d) Audit, actuarial, medical, legal and investment expenses. e) Reimbursement to the officers and members of the Board of Trustees, or their designees, for reasonable and necessary expenses actually paid and incurred in the performance of their duties as officers or members of the board; and f) Premiums on fiduciary liability insurance and official bonds for the officers, members of the Board of Trustees, and employees of the Relief Association. All other expenses of the Association shall be paid out of the General Fund. Section 10.4. Authorization: No disbursement of the funds of this association shall be made except by checks drawn by the Treasurer and countersigned by either the President or Secretary. Except when issued for salaries, pensions and other fixed charges, the exact amount of which has previously been determined and authorized by the Board of Trustees (or the members in the case of disbursements from the general fund), no check shall be issued until the claim to which it relates has been approved by the Board of Trustees. Section 10.5. Depositories: All money belonging to the Association shall be deposited to the credit of the Association in such banks, trust companies, or other depositories as the Board of Trustees may designate. The board of trustees shall make deposits in conformance with state statute and the investment policy, attached hereto.