A fund is hereby provided for the exclusive use and benefit of the persons entitled
to benefits under the system. All contributions to such fund shall be paid over to
and received in trust for such purpose by the city treasurer, who shall be the treasurer
of the system. Such fund shall be pooled for purposes of management and investment
with similar funds of other incorporated cities, towns, and municipal trusts in the
State of Oklahoma as a part of the Oklahoma Municipal Retirement Fund in accordance
with the trust agreement of the Oklahoma Municipal Retirement Fund, a public trust.
The city treasurer shall hold such contributions in the form received, and from time
to time pay over and transfer the same to the Oklahoma Municipal Retirement Fund,
as duly authorized and directed by the board of trustees. The fund shall be nonfiscal
and shall not be considered in computing any levy when the annual estimate is made
to the county excise board.
(Ord. No. 97-20, § 1, 5-20-97)
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