Sec. 102-146. Custodian.
(a) Under this article, the board may select a custodian, acting under a custodial agreement. The custodian may be removed by the board at any time. The board is authorized to execute an appropriate custodial agreement not inconsistent with the provisions of the plan.
(b) Whenever the board shall select a custodian, the custodian's duties shall include but not be limited to the following:
(1) It shall receive from the director of finance the City's and the members' contributions to the trust fund established in this article.
(2) It shall receive all of the income of the trust fund.
(3) In order to provide for payments pursuant to the plan, the custodian shall, from time to time, on the written direction of the board, make payments from the trust fund to such persons, corporations or other entities, in such manner, in such amounts and for such purposes as may be specified in the written directions of the board, and upon such payment, the amount thereof shall no longer constitute a part of the trust fund. The custodian shall make such payments either directly to the person certified by the board to be entitled to them or to the board or its delegate for transmittal to such persons or as otherwise directed by the board. The custodian shall be liable for failure to make any payment of any kind only if it shall have been directed by the board to make such payment and only if such funds sufficient to make such payment shall be available from the trust fund.
(4) It shall invest and reinvest the assets and incomes of the trust fund as directed by one or more investment managers.
(5) It shall maintain such records and accounts of the trust fund and shall render such financial statements and reports thereof as may be requested, from time to time, by the board. (Code 1979, § 15-52)