Sec. 3. (a) The city executive is president of the local board, the police chief is its vice president, the county treasurer is its treasurer, and the local board shall elect a secretary. The secretary shall be paid out of the 1953 fund a sum for the secretary's services as fixed by the local board.

(b) The treasurer:

(1) has custody of all property, money, and securities belonging to the 1953 fund and shall collect the principal and interest on them;

(2) is liable on the treasurer's bond as a county officer for the faithful accounting of all money and securities belonging to the 1953 fund that come into the treasurer's hands;

(3) shall keep a separate account showing at all times the true condition of the 1953 fund; and

(4) shall, upon the expiration of the treasurer's term of office, account to the local board for all money and securities coming into the treasurer's hands, including the proceeds of them, and turn over to the treasurer's successor all money and securities belonging to the fund remaining in the treasurer's hands.

(c) The secretary shall:

(1) keep a true account of the proceedings of the local board when acting upon matters relating to the 1953 fund;

(2) keep a correct statement of the accounts of each member with the 1953 fund;

(3) give the local board a monthly account of the secretary's acts and services as secretary;

(4) turn over to the secretary's successor all books and papers pertaining to the secretary's office; and

(5) perform any other duties imposed upon the secretary by the local board.

(d) The secretary shall, in the manner prescribed by IC 5-4-1, execute a bond conditioned upon the faithful discharge of the secretary's duties.

(e) The secretary and treasurer shall make complete and accurate reports of their trusts to the local board on the first Monday in February of each year, copies of which shall be filed with the city fiscal officer. The books of the secretary and treasurer must be open at all times to examination by members of the local board.

As added by Acts 1982, P.L.77, SEC.9. Amended by P.L.127-2017, SEC.254.