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(3) To determine and certify the amount of all retirement allowances or other benefits <br />hereunder. <br />(4) To establish uniform rules and procedures to be followed for administrative purposes, <br />benefit applications and all matters required to administer the System. <br />(5) To distribute to Members, at regular intervals, information concerning the System. <br />(6) To receive and process all applications for benefits. <br />(7) To authorize all payments whatsoever from the Fund, and to notify the disbursing <br />agent, in writing, of approved benefit payments and other expenditures arising <br />through operation of the System and Fund. <br />(8) To have performed actuarial studies and valuations, at least as often as required by <br />law, and make recommendations regarding any and all changes in the provisions of <br />the System. <br />(9) To perform such other duties as are required to prudently administer the System. <br />Sec. 62 -2004. - Finances and fund management. <br />(a) As part of the System, there exists the Fund, into which shall be deposited all of the <br />contributions and assets whatsoever attributable to the System. <br />(b) The actual custody and supervision of the Fund (and assets thereof) shall be vested in the <br />Board. Payment of benefits and disbursements from the Fund shall be made by the disbursing <br />agent but only upon written authorization from the Board. <br />(c) All funds of the Police Officers' and Firefighters' Pension Plan may be deposited by the <br />Board with the Finance Director of the City, acting in a ministerial capacity only, who shall <br />be liable in the same manner and to the same extent as he is liable for the safekeeping of <br />funds for the City. However, any funds so deposited with the Finance Director of the City <br />shall be kept in a separate fund by the Finance Director or clearly identified as such funds of <br />the Police Officers' and Firefighters' Pension Plan. In lieu thereof, the Board shall deposit the <br />funds of the Police Officers' and Firefighters' Pension Plan in a qualified public depository as <br />defined in F.S. § 280.02, which depository with regard to such funds shall conform to and be <br />bound by all of the provisions of Chapter 280, Florida Statutes. In order to ftilfill its <br />investment responsibilities as set forth herein, the Board may retain the services of a <br />custodian bank, an investment advisor registered under the Investment Advisors Act of 1940 <br />or otherwise exempt from such required registration, an insurance company, or a <br />combination of these, for the purposes of investment decisions and management. Such <br />investment manager shall have discretion, subject to any guidelines as prescribed by the <br />Board, in the investment of all Fund assets. <br />(d) All funds and securities of the System may be commingled in the Fund, provided that <br />accurate records are maintained at all times reflecting the financial composition of the Fund, <br />including accurate current accounts and entries as regards the following: <br />(1) Current amounts of Accumulated Contributions of Members on both an individual <br />and aggregate account basis, and <br />(2) Receipts and disbursements, and <br />