§ 40-46-08 — Investment of surplus in fund - Limitations

At the end of each fiscal year, the board of trustees may invest any surplus left in the city
employees' pension fund, but no part of the moneys realized from any tax levy shall be used for
any purpose other than the payment of pensions. Such surplus funds may be invested in
interest-bearing bonds of the United States or the state of North Dakota, or bonds or warrants of
any county, township, or municipal corporation of this state which constitute the general
obligations or contingent general obligations of the issuing tax authority, or investments with any
federally insured bank or savings and loan association. All securities in which moneys belonging
to the fund are invested shall be deposited with the treasurer of the board for safekeeping. The
board may also invest all or part of such surplus funds in other investments by selecting a
funding agent or agents and establish an investment agreement contract regarding such surplus
funds. The contract shall authorize the funding agent or agents to hold and invest such funds for
the board and such funds shall be placed for investment only with a firm or firms whose primary
endeavor is money management, and only after a trust agreement or contract has been
executed.