95.590 Custody of pension fund established under KRS 95.520.

230 words·~1 min read·/ky/chapter-95/95-590

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The city treasurer or chief financial officer, in cities with a pension fund established

under KRS 95.520, is ex officio treasurer of the board of trustees of the pension

fund, and custodian of the pension funds.

(2)The treasurer, as custodian, shall securely keep the fund, subject to the control of

the board, and shall keep his books and accounts concerning the fund in the manner

prescribed by the board. The books and accounts are always subject to the

inspection of the board or any board member.

(3)The treasurer shall, within ten

(10)days after his appointment, execute a bond to the

city with good surety, in the penal sum the board of trustees directs, to be approved

by the board, conditioned for the faithful performance of the duties of his office,

and that he will safely keep and well and truthfully account for all money and

properties that come into his hands as treasurer of the pension fund, and that upon

the expiration of his term of office he will deliver to his successor all securities,

unexpended moneys and other properties that come into his hands as treasurer of the

fund. The bond shall be filed in the office of the treasurer, and suit may be filed

thereon in the name of the city for the use of the board or any person injured by its

breach.