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6. Section 30-58 of the Code of the City of Portsmouth, Virginia (2006) is amended as follows: Sec. 30-58. - ~Tru a of funds; and investments. The board shall be the trustee of the funds created by this article and shall have the full power to invest and reinvest such funds, subject to the limitation that an investment shall be authorized and made3 except upon the exercise of bona fide discretion, in securities which, at the time of making the investment3 are, by law, permitted for the investment of funds by fiduciaries in this state. Subject to such limitation, the board shall have full power to hold, purchase, sell, assign, transfer or dispose of, any of the securities or other investments in which any of the funds created herein have been invested, as well as~f the proceeds of all such investments and any monies or deposits belonging to such funds of the system. Pursuant to the standards set forth in Section 803 of Title 51 1 of the Virginia Code the board shall discharge its duties with respect to the system solely in the interest of the members and beneficiaries thereof and shall invest the assets of the system with the care skill prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterorise of like character and like aims. The board shall also diversi such investments so as to minimize laree losses unless under the circumstances it is clearly prudent not to do so U on no circumstances at any time prior to the satisfaction of all liabilities with respect to members and their beneficiaries under the trust shall any part of the trust co us or income of the system be used for or diverted to any purpose other than for the exclusive benefits of the members and their beneficiaries and for the reasonable administrative expenses of the system 7. Section 30-59 of the Code of the City of Portsmouth, Virginia (2006) is amended as follows: Sec. 30-59. -Conflicts of interest anc~pl~rohibited interests of ar members. The State and Local Government Conflict of Interests Act Code of Virginia & 2 2-3100 et sea.. as the same may be amended, restated or moved from time to time governs defining and prohibiting inappropriate conflicts and required disclosures of economic interests as they relate to the system and the board. In addition. to the extent not less stringent than the State and Local Government Conflict of Interests Act the restrictions in this ection apply No member of the board shall have any direct or indirect interest, a=-~~` ~-- :~a:..~...., in the gains or profits of any investment authorized and made by the board, exceptinsofar as any such member maybe a member or beneficiary of the vsystem. No member of the board shall directly or indirectly, for himself or as an agent, in any manner use the funds, monies or deposits of the A-3