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a <br />10 <br />AN ORDINANCE <br />TO AMEND AND REORDAIN SECTION 20-16 <br />OF THE CODE OF THE CITY OF CHARLOTTESVILLE (1976), <br />AS AMENDED, RELATING TO THE <br />INVESTMENT OF CITY RETIREMENT COMMISSION FUNDS. <br />BE IT ORDAINED by the Council of the City of Charlottesville, <br />Virginia: <br />1. That Section 20-16 of the City Code shall be amended and <br />reordained as follows: <br />Section 20-16. Investment of funds. <br />The retirement plan commission shall have charge of the <br />investment and management of all assets of the retirement fund, <br />subject to the standards for the investment of funds by fiduciaries <br />as set forth in Chapter 3 of Title 26 of the Code of Virginia (1950), <br />as amended and subject to the restrictions of any investment policy <br />adopted by formal resolution of the city council. All interest, <br />dividends or other income accruing from such investments shall be <br />collected by the city treasurer when due and deposited to the <br />credit of the retirement fund. All such funds shall be reinvested <br />according to the provisions of this section; provided, that unless <br />some other provision is made by city council for such payment, <br />sufficient funds shall be retained as cash in the fund to provide <br />for current retirement payments under the retirement plan and other <br />legitimate expenses of the fund. <br />Approved by Council <br />December 17, 1984 <br />CrY <br />C ,eJk of Council <br />