The life guard pension commission shall have the management and control of the fund
and may make all necessary rules and regulations not inconsistent with this article.
All moneys belonging to the fund shall be paid over to the city treasurer, who shall
give bond in such amount, from time to time, as the governing body of the city determines. All moneys not needed for the immediate payment of the pensions shall be invested
by the life guard pension commission in interest bearing bonds of the city or in other
interest bearing securities in which savings banks of this state may invest their
funds. No moneys shall be paid out of the fund by the treasurer except upon the warrant
of the life guard pension commission, to be signed by such member or members of the
commission as shall be designated by the commission.
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