§ 10.5. Contracts for payment.

The City may provide for the payment of one or more of the benefits enumerated in this Article by contracting with the governing body of any other municipality or municipalities in the State, with the United States government or any of its agencies or departments, with the State of North Carolina or any of its agencies or departments, or any contract with any insurance company or other corporation for the performance of any service in connection with the establishment of such Fund, or for the investment, care or administration of such Fund, or for any other service relating thereto.

The City or any other governing body, agency, insurance company, person, or corporation contracting with the City for the investment, care or administration of said system may invest and reinvest the funds thereof in one or more of the types of securities or other investments authorized by G.S. 58-79, as heretofore or hereafter amended, and by other State law, for the investment of assets of domestic life insurance companies.

(Session Laws of 1967, chapter 650)