§ 10-4. City Property Insurance Fund — investments.

The Board of Finance is hereby authorized and directed to:

(1) receive the money directed to be paid to it by the Comptroller, to hold and invest the same as other moneys in its charge and keeping are held and invested;

(2) retain the same as a permanent fund subject to be used only for the repair, rebuilding, or replacement of property owned by or in the custody of the City which may be lost, damaged, or destroyed by a peril intended to be covered by such fund in accordance with rules and regulations promulgated by the Comptroller;

(3) keep a separate account of said fund, together with the earnings thereof as the "City Property Insurance Fund" of the Mayor and City Council of Baltimore; and

(4) submit annually on July 1 of each and every year to the Comptroller, a statement, in writing, showing the state and amount of said fund.