KRS 95.905: Governing board of fund -- Membership.

The fund shall be governed by a board created in the following manner:

(1) A temporary council, comprised of the executive director of the Kentucky

Municipal League or his designee, the president of the Fraternal Order of Police or

his designee, and the pr esident of the Associated Professional Firefighters or his

designee shall exist for the purpose of receiving appointments to the board,

establishing a date for receipt of moneys into the fund, and scheduling the first

meeting of the board. Organizations or entities authorized to make appointments to

the board shall submit those appointments to the temporary council. The temporary

council shall cease to exist when the board has met and selected a chairman.

(2) Two (2) board members shall be appointed by the Kentucky State Lodge, Fraternal

Order of Police, from among policemen whose local government pension systems

have pledged to invest assets in the fund on the date established by the temporary

council.

(3) Two (2) board members shall be appointed by the Ass ociated Professional

Firefighters from among firefighters whose local government pension systems have

pledged to invest assets in the fund on the date established by the temporary

council.

(4) Two (2) board members shall be appointed by the Kentucky Municipal League from

among elected city officials or appointed city administrators whose city pension

systems have pledged to invest assets in the fund on the date established by the

temporary council.

(5) Two (2) board members shall be appointed from among emp loyees whose city

pension systems for nonuniformed employees have pledged to invest assets in the

fund on the date established by the temporary council. The participants in this

category shall consult among themselves to select their two (2) board members.

Should there be only one (1) participant in this category, only one (1) member shall

be appointed.

(6) One (1) board member shall be appointed by the board within three (3) months of

the first board meeting from among persons who have demonstrated compete nce in

a fiduciary capacity.

(7) In addition, any participant which has invested or pledged to invest at least two

hundred thousand dollars ($200,000) in the fund, or fifteen (15) percent of the total

assets of the fund, whichever is greater shall appoint one (1) board member from

among its employees covered by the pension system, but no participant shall

appoint a member under the provisions of this subsection if a member from the city

of the participant has already been appointed under the provisions of s ubsection (2),

(3), (4), or (5) of this section. Initial appointments pursuant to this subsection shall

be effective upon the date when the board first meets. Appointments made pursuant

to this subsection shall be reviewed on June 30 of each succeeding yea r, at which

time new appointments shall be made and old appointments terminated as required

by the criteria of this subsection.