C.R.S. § 31-30-1103

(1) In any municipality or district that maintains a regularly organized volunteer fire department, there is created a board of trustees of the volunteer firefighter pension fund. The board: (a) Shall manage, use, and disburse moneys in the fund according to its rules and bylaws and this part 11; (b) Shall supervise and control the fund; (c) May take all necessary steps and pursue all necessary remedies to preserve the fund.