§8-22-21. Duties and bond of custodian of funds.
The treasurer of the municipality shall be the custodian of
all of the assets of the policemen's pension and relief fund and
firemen's pension and relief fund, and shall deposit and pay out
the moneys thereof upon, and in accordance with, any proper order
of the board of trustees. Such treasurer shall be liable upon his
official bond as treasurer for the faithful performance of his
duties in respect to such fund or funds, and the official bond of
the treasurer covering such fund or funds shall be executed with a
good and financially responsible surety company authorized to do
business in this state, as surety for such fund or funds. The
treasurer of the municipality shall as a fund fiduciary, discharge
his duties with respect to such pension and relief fund solely in
the interest of the members and members' beneficiaries for the
exclusive purpose of providing benefits to such members and their
beneficiaries and defraying reasonable expenses of administering
the fund. Such fund or funds shall be trust funds and shall not be
used for any other purpose than provided herein. Such treasurer
shall keep in convenient form such data as may be necessary for an
actuarial valuation report of such fund and for checking the
actuarial experience of such fund.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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