(a) The local board shall ensure and confirm that:

1. (1) all amounts specified in this chapter to be applied to the 1953 fund, from any sources, are collected and applied to the fund;
2. (2) the various sums to be deducted from the salaries of the police officers concerned are deducted and are paid into the 1953 fund;
3. (3) the various sums to be contributed by the police special service district are so contributed and are received into the 1953 fund;
4. (4) any revenue in form of interest upon money invested or upon money due to the 1953 fund is received and placed into the fund; and
5. (5) all other money that should accrue to the 1953 fund is collected and paid into it.

(b) The local board shall have an audit of the accounts of the 1953 fund done at least once each biennium, by a person or persons competent to perform the audit, if the state board of accounts fails to examine the affairs of the fund during the period.

As added by Acts 1982, P.L.77, SEC.9.