(a)
(1) All moneys provided for the firemen's relief and pension fund by this act shall be paid over to and received by the treasurer of the city or town for the sole use and benefit of the firemen's relief and pension fund, and the firemen's relief and pension fund shall be used for no other purpose.
(2) The additional duties imposed upon the treasurer shall be and comprise additional duties for which he or she shall be liable under his or her oath and bond as the city or town treasurer.
(b) The board of trustees of the firemen's relief and pension fund shall have the power with the consent of a majority of the firefighters at the time employed, expressed in writing and filed with the city clerk, to authorize the treasurer to draw sums from its treasury to invest in the name of the board in interest-bearing bonds of the United States, of the State of Arkansas, or of the city where the board is located, in a local government joint investment trust pursuant to the Local Government Joint Investment Trust Act, § 19-8-301 et seq., the Arkansas Local Police and Fire Retirement System, in certificates of deposit or time deposits in banks duly established and authorized to do business in this state, or in savings and loan associations duly established and authorized to do business in this state.
(c) Except as provided in subsection (d) of this section, all securities shall be deposited with the treasurer of the board and shall be subject to the orders of the board.
(d)
(1) However, in those firemen's relief and pension funds in which assets exceed one hundred thousand dollars ($100,000), the board of trustees may employ:
(A) An investment advisor as defined in § 24-10-402(a)(2)(A)(ii) to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the system, as provided by § 24-10-401 et seq.; and
(B) A trustee or custodian to hold the assets.
(2) Investments shall not be limited to interest-bearing bonds, certificates of deposit, and time deposits.
(3) The total amount of fees paid for investment advisors, investment advisory services, investment educational services, trustee services, custodial and administrative services, and investment management services when the managers are required to perform security trades on a best execution basis shall be:
(A) Limited to no more than three percent (3%) annually of the first five hundred thousand dollars ($500,000) of plan assets, plus no more than two percent (2%) annually of the next five hundred thousand dollars ($500,000) of plan assets, plus no more than one percent (1%) annually of plan assets over one million dollars ($1,000,000); and
(B) Clearly stated, in total, on all monthly, quarterly, and annual statements prepared for the board.
(e) A decision on whether to invest, not invest, or withdraw from investment moneys provided for the firemen's relief and pension fund shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel.