The police pension fund may be used only for the payment of:

1. (1) service, disability, or dependency pensions;
2. (2) notwithstanding a contrary provision of section 69.80, the salaries of the elected members of the board of trustees in an amount not to exceed three units;
3. (3) expenses of officers and employees of the association in connection with the protection of the fund;
4. (4) expenses of operating and maintaining the association, including the administrative expenses related to the administration of the insurance plan authorized in section 423B.08; and
5. (5) other expenses authorized by section 69.80, or other applicable law.