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(3) Benefit payments, and <br />(4) Current amounts clearly reflecting all monies, funds and assets whatsoever <br />attributable to contributions and deposits from the City or County, and <br />(5) All interest, dividends and gains (or losses) whatsoever, and <br />(6) Such other entries as may be properly required so as to reflect a clear and complete <br />financial report of the Fund. <br />(e) An audit shall be performed annually by a certified public accountant for the most recent <br />fiscal year of the System showing a detailed listing of assets and a statement of all income <br />and disbursements during the year. Such income and disbursements must be reconciled with <br />the assets at the beginning and end of the year. Such report shall reflect a complete evaluation <br />of assets on both a cost and market basis, as well as other items normally included in a <br />certified audit. <br />(f) The Board shall have the following investment powers and authority: <br />(1) The Board shall be vested with full legal title to said Fund, subject, however, and in <br />any event to the authority and power of the Casselberry City Commission to amend <br />or terminate this Fund, provided that no amendment or Fund termination shall ever <br />result in the use of any assets of this Fund except for the payment of regular expenses <br />and benefits under this System, except as otherwise provided herein. All <br />contributions from time to time paid into the Fund, and the income thereof, without <br />distinction between principal and income, shall be held and administered by the <br />Board or its agent in the Fund and the Board shall not be required to segregate or <br />invest separately any portion of the Fund. <br />(2) All monies paid into or held in the Fund shall be invested and reinvested by the <br />Board and the investment of all or any part of such funds shall be subject to the <br />following: <br />a. Notwithstanding any limitation provided for in F.S. Ch. 175 and 185, to the <br />contrary (unless such limitation may not be amended by local ordinance) or <br />any limitation in prior City ordinances to the contrary, all monies paid into or <br />held in the Fund may be invested and reinvested in such securities, <br />investment vehicles or property wherever situated and of whatever kind, as <br />shall be approved by the Board, including but not limited to common or <br />preferred stocks, bonds, and other evidences of indebtedness or ownership. In <br />no event, however, shall more than 25 percent of the assets of the fund at <br />market value be invested in foreign securities. <br />b. The Board shall develop and adopt a written investment policy statement <br />setting forth permissible types of investments, goals and objectives of <br />investments and setting quality and quantity limitations on investments in <br />accordance with the recommendations of its investment consultants. The <br />investment policy statement shall be reviewed by the Board at least annually. <br />In addition, the Board may, upon recommendation by the board's investment <br />consultant, make investments in group trusts meeting the requirements of <br />Internal Revenue Service Revenue Ruling 81 -100,. a*d Revenue Ruling <br />2011 -1, IRS Notice 2012 -6 and Revenue Ruling 2014 -24 or successor rulings <br />7 <br />