An amount payable to the Trustees of the Firemen's Pension Fund from the city treasury at the end of each fiscal year up to and including the fiscal year commencing January 1, 1940, and ending December 31, 1940, equivalent to one and one-half (1 1/2) times the amount of moneys deducted from the monthly pay, salary or compensation of each member of the said Fire Department during such fiscal year as provided by Subdivision 4 of this section.Whenever in any calendar year, up to and including the calendar year beginning January 1, 1940, and ending December 31, 1940, the disbursements from said fund shall exceed the total income thereof, and the principal sum of said fund is less than two hundred fifty thousand dollars ($250,000.), there shall be included in the next annual budget and levy a sum to equal the amount of such deficiency for such previous year, and the same shall be paid by the Commissioner of Finance to the Trustees of the said fund. Commencing on January 1, 1941, and continuing thereafter, the Trustees of the Firemen's Pension Fund are directed to and shall as rapidly as they deem it, in their judgment, advisable, liquidate and convert into money all of the assets included in the principal sum of the said fund and shall use, during the calendar year beginning January 1, 1941, and ending December 31, 1941, sixty thousand dollars ($60,000.) of such money, or so much thereof as may be available up to the sum of sixty thousand dollars ($60,000.), for the purpose of paying any pensions, annuities, retirement allowances, refunds, death benefits, dependent benefits and any other benefits granted under the provisions of this Article, or may pay over to the city during such calendar year the said sum of money or any part thereof at such time or times and in one (1) payment or in several payments, as the said Trustees shall determine, to be received by the city as a credit to the general fund of the city and as an estimated revenue receivable in said year deductible in the annual estimate for the purpose of ascertainment of the tax budget in that year under the provisions of Section
77 of the Second Class Cities Law. Any part of the sixty thousand dollars ($60,000.) so directed to be disbursed or paid over by the said Trustees that shall not for any reason be disbursed or paid pursuant to the directions aforesaid in the said calendar year ending December 31, 1941, shall be disbursed or paid over by the said Trustees for the same purposes and in the same manner in any subsequent calendar year or years. In addition to any part of the said sixty thousand dollars ($60,000.) so disbursed, used or paid over, in any calendar year subsequent to the calendar year ending December 31, 1941, the said Trustees shall use in each calendar year subsequent to the calendar year ending December 31, 1941, forty thousand dollars ($40,000.) of the money into which the assets of said fund have been liquidated and converted or so much thereof as may be available up to the sum of forty thousand dollars, ($40,000.), for the purpose of paying any pensions, annuities, retirement allowances, refunds, death benefits, dependent benefits and any other benefits granted under the provisions of this Article, or for making payments in each of such calendar years subsequent to the calendar year ending December 31, 1941, up to the sum of forty thousand dollars ($40,000.) similarly as hereby permitted to be made during the calendar year ending December 31, 1941, into the general fund of the city for each of such calendar years, until such time as the whole of the said principal sum of said fund shall have been liquidated and disposed of in the manner aforesaid. The payment of all moneys directed under the provisions of this Article to be paid by the Commissioner of Finance to the Trustees of the said Firemen's Pension Fund shall be, except for the contributions from salaries of members referred to in Subdivision 4 of this section, and are hereby made direct obligations of the city, and the payment of all pensions, annuities, retirement allowances, refunds, death benefits, dependent benefits and any other benefits granted under the provisions of this Article is hereby guaranteed by the city. The Fire Commissioner shall prepare and submit in each year to the officer or officers of the city charged with the duty of making the annual estimate at the same time and in the same manner as the annual estimate of the Fire Department is submitted for each fiscal year, an estimate of the amount necessary to be appropriated by the city to the said fund to provide for payment in full during the ensuing fiscal year of all such obligations of the city accruing during the ensuing fiscal year and the payment of any deficiency accruing for any previous fiscal year. The officer or officers of the city charged with the duty of making the annual estimate in each year shall include annually in the annual estimate and the City Council shall annually appropriate an amount sufficient to provide for such obligations of the city including any such deficiency. The Commissioner of Finance shall pay the sum so appropriated into the said Firemen's Pension Fund provided for by this Article.
[Amended 11-4-2008 by L.L. No. 10-2008]