[Adopted 7-22-1968 by Ord. No. 2197 (Ch. 41, Art. II, of
the 1986 Code)]
A Police Pension and Retirement Fund shall be and the same is
hereby established by the City of Oil City, which shall be known and
designated as the "Police Pension Fund" and shall hereinafter be referred
to as the "fund."
The direction of the fund shall be and is hereby committed,
subject to the regulations herein contained and such other regulations
as Council may by ordinance hereafter, from time to time, prescribe,
to a board which is hereby created and which shall be known as the
"Police Pension Fund Board" and shall hereinafter be referred to as
the "Board."
A. The Board shall consist of seven members, viz.:
(1) The Mayor of the City of Oil City, who shall be ex officio Chairman
thereof and whose membership on said Board shall be concurrent with
his term of office as Mayor.
(2) The City Manager, whose membership on said Board shall be concurrent
with his term of office as City Manager.
[Amended 3-26-1979 by Ord. No. 2368]
(3) A member of City Council appointed by the Mayor, who shall be ex
officio Treasurer thereof and whose membership on said Board shall
be concurrent with his term of office as Councilman.
[Amended 3-26-1979 by Ord. No. 2368]
(4) The City Controller, whose membership on said Board shall be concurrent
with his term of office as City Controller.
(5) Three duly appointed, confirmed and active members of the police
force of the City of Oil City elected in a manner approved by Council
by and from the members of the Police Pension Fund Association, hereinafter
created, who are entitled to participate in the fund created hereby,
one of whom shall serve for one year, one for two years and one for
three years, and whose successors shall be elected for a term of three
years. A vacancy occurring during a term shall be filled for the unexpired
term by the election of a successor in the same manner as his predecessor.
B. The Council shall also, by resolution, appoint one or more of its
members, as the case may be, to serve upon the Pension Fund Board
for such periods of time as Council, by said resolution, shall so
direct, not to exceed, however, said Councilman's term of office.
[Added 6-12-1972 by Ord. No. 2263]
The members of the Board shall serve without compensation and
shall be reimbursed from the fund for any necessary expenditures,
and no member shall suffer loss of salary or wages through serving
on the Board.
The Board may from time to time, subject to the limitations
of this article and of law:
A. Adopt rules and regulations for the administration of the fund and
the transaction of its business not inconsistent with the provisions
of this article or any supplement or amendment thereto duly enacted.
All such rules and regulations shall, however, be subject to the approval
of Council, and Council may from time to time, by ordinance, alter,
modify, change or repeal such rules and regulations and establish
new rules and regulations for the administration of the fund by the
Board and the transaction of its business.
B. Appoint a Secretary and such medical, clerical and other employees
as may be necessary.
C. Determine and fix the compensation of all persons employed by the
Board.
D. Care for, manage, invest and dispose of (as part of the fund) all
money or property, real, personal or mixed, taken by the City of Oil
City by gift, grant, devise or bequest in trust for the benefit of
such pension fund, subject to the provisions of this article and future
regulations by Council, and subject to such directions not inconsistent
herewith as the donors of such funds and property may prescribe.
The Board shall, subject to the limitations of this article
and of law:
A. Hold a meeting at least once annually at a time and place selected
by the Board and prepare or cause to be prepared an annual report
stating the conditions of the investments of the fund and evidencing
the receipts, which report shall be made a part of the record of said
proceedings, and a copy of which shall be filed with the Council of
the City of Oil City.
[Amended 3-26-1979 by Ord. No. 2368]
B. Hold such special meetings as the efficient discharge of its duties
may require, and the Chairman may, upon the request of three members
of the Board, in writing, call a special meeting of the Board on 24
hours' notice to each member, which notice shall state whether
such meeting is to be convened for general or special business; such
notice may be waived by the unanimous consent of the members.
C. At the annual meeting, or as soon thereafter as is practicable, designate
a depository or depositories for the fund, which designation shall
be valid for the period of one year or until such time as another
is designated by similar action, and the Treasurer of the Board shall,
upon the designation of the depository, immediately deposit all moneys
in the fund therein in the name of the fund.
D. Keep all permanent records and accounts and perform all duties as
shall be necessary for the efficient execution of this article.
E. Furnish to Council such financial and other reports as it may, from
time to time, request.
A. An association is hereby constituted and created which shall be known
and designated as the "Police Pension Fund Association," herein referred
to as the "Association."
B. The membership of the Association shall consist of each regular full-time
member of the police force now employed by the City and such persons
hereafter employed as regular full-time members of the police force.
[Amended 10-13-2011 by Ord. No. 2804,]
C. Each member of the police force hereafter employed shall, at the
time of admission to membership in the Association, contribute to
the fund in accordance with this article from the date of his or her
employment as a member of the police force.
The members of the Association shall, subject to the limitations
of this article and of law:
A. Adopt rules and regulations for the administration and transaction
of its business.
B. Elect officers in accordance with established rules and regulations
to represent the Association.
C. Certify to the Board annually a list of the members of the Association
in good standing and the amount of salaries and wages paid to each
member as a member of the police force of the City, together with
a list of members of the Association who were, during said year, dismissed
or who resigned or terminated their service and the date thereof.
D. Furnish to the Board and Council, upon request, such information
relative to the subject of this article as the Board or Council shall
require.
A. Expulsion by members.
(1) A members of the Association may be expelled from membership and
deprived of his right of participation in the fund by a 2/3 vote of
the members of the Association for one or more of the following causes:
(a)
Conviction of a crime or misdemeanor under the laws of the United
States or any state or commonwealth.
(b)
Becoming a habitual drunkard.
(c)
Failing to comply with the provisions of this article or any
supplements or amendments thereto or any general regulations adopted
pursuant hereto relating to the management of the fund or the transaction
of the business of the Association.
(2) No member of the Association shall be expelled pursuant to this section
nor deprived of his right to participate in the fund without due notice
and full hearing, at which he shall be afforded the opportunity to
present witnesses and be represented by counsel if he so desires.
In every such case, a written complaint shall be filed with the Association
by a member of the Association or some officer of the City of Oil
City and, promptly thereafter, a day for hearing shall be fixed by
the President of the Association, notice of which hearing and of the
filing of the complaint shall be given to each member of the Board
and each member of the Association, including the person or persons
complained of, by mail addressed to each of their respective post
office addresses at least five days prior to the time fixed for hearing.
B. Expulsion by Board.
(1) A member of the Association may likewise be deprived of his right
of participation in the fund by a majority vote decision of the members
of the Board for one or more of the following causes:
(a)
Conviction of a crime or misdemeanor under the laws of the United
States or commonwealth.
(b)
Becoming a habitual drunkard.
(c)
Failing to comply with the provisions of this article or any
supplements or amendments thereto or any general regulations adopted
pursuant hereto relating to the management of the fund or the transaction
of the business of the Association.
(2) No member of the Association shall be expelled pursuant to this section
nor deprived of his right to participate in the fund without due notice
and full hearing, at which he shall be afforded the opportunity to
present witnesses and be represented by counsel if he so desires.
In every such case, a written complaint shall be filed with the Board
by a member of the Association or a taxpayer of the City of Oil City
and, promptly thereafter, a day for hearing shall be fixed by the
President of the Board, notice of which hearing and of the filing
of the complaint shall be given to each member of the Board and each
member of the Association, including the person or persons complained
of, by mail addressed to each of their respective post office addresses
at least five days prior to the time fixed for hearing. All such hearings
shall be open to the public.
The City of Oil City shall annually, on or before the first
day of June of each year, appropriate and pay into the fund a sum
of money sufficient to meet the requirements of and to maintain such
police fund, which sum in no year shall be less than 1/2 of 1% of
all City taxes levied by the City, other than taxes levied to pay
interest on or extinguish the debt of the City or any part thereof.
A. Each member of the Association shall contribute to the fund monthly,
until retirement, a sum equal to 3% of his monthly wage or salary.
B. The payment of the monthly sum or contribution herein provided for
by members of the Association shall cease and determine at the time
the member receives the pension hereafter provided for.
C. Each member of the police force of the City of Oil City, by applying
for membership in the Association, shall authorize the City to deduct
the payments to be made under this section semimonthly from his or
her monthly wage or salary and to pay the amount so deducted for and
on behalf of such member to the Board herein created for said fund.
D. Should any member of the Association become partially or totally
disabled in the course of his employment as an active member of the
Police Department of the City of Oil City and receive workers' compensation
as a result of the injuries so sustained and no wages or salary from
the City of Oil City, no deduction from such payments of compensation
shall be made from said member during the period during which he receives
only workers' compensation payments, nor shall any contributions by
such member to the fund be required during such period.
Payments of pensions or allowances under this article shall
be made solely out of the moneys and property in the Police Pension
Fund and shall not be a charge on any other fund in the treasury of
the City or under its control.
A. There shall at all times be maintained in the fund property or moneys
in a sum sufficient to repay in full to all members of the Police
Department of the City of Oil City then contributing toward the fund
and entitled to participate therein, or their estates, as herein provided,
the amount of their total contributions out of salary or wages into
the fund, and no person shall be entitled to payments of pension except
out of property or moneys in excess of said sum.
B. If at any time the excess over the amount required to repay to the
then members of the fund, or their estates, the amount of their contributions
into the fund be insufficient to pay in full all pensions which may
then be due and payable, such excess shall be apportioned among all
of the members then entitled to pension in accordance with the amount
of pension due them respectively, and during any such period or periods
the amount of pension payable to such persons shall be abated proportionately.
A. Retirement.
(1) Each member of the Association at any time after he or she shall
have served for 20 years as an active member of the police force of
the City of Oil City shall, upon application, be retired from service;
and after said date, the Board shall, subject to the limitations and
restrictions herein contained, pay said member from the fund during
the remainder of his or her natural life, in monthly installments,
an annual pension in a sum equal to 50% of the annual pay of such
member, computed at the monthly rate of such member at the date of
his retirement or at the highest average annual salary which the member
received during any five years of service preceding the date of retirement,
whichever shall be the higher; provided, however, that except as to
service increments the payments so made shall not in any case exceed
in any one year 1/2 of the annual pay of such member computed at such
monthly or average annual rate, whichever is the higher.
[Amended 3-26-1979 by Ord. No. 2368; 3-28-1994 by Ord. No. 2570; 1-26-1998 by Ord. No. 2624]
(2) Each member retired herein shall be subject to service from time
to time as a police reserve until unfitted for such service, when
he may be finally retired by reason of age or disability.
(3) Each member of the Association who is a member of the Association
at the time he attains the age of 70 years and shall have served for
20 years as an active member of the police force of the City of Oil
City shall, upon attaining the age of 70 years, be retired from service
and shall, subject to the limitations and restrictions herein contained,
receive from the fund during the remainder of his or her natural life
in monthly installments an annual pension in an amount equal to 50%
of the annual pay of such member, computed at the monthly rate of
such member at the date of his retirement or at the highest average
annual salary which the member received during any five years of service
preceding the date of retirement, whichever shall be the higher; provided,
however, that except as to service increments the payments so made
shall not in any case exceed in any one year 1/2 the annual pay of
such member computed at such monthly or average annual rate, whichever
is the higher.
[Amended 3-26-1979 by Ord. No. 2368; 3-28-1994 by Ord. No. 2570]
(4) No person shall be entitled to the payments of pension under this
section at any time or during any period that the principal of the
fund, and the accumulated interest thereon, shall be insufficient
to repay in full to all the members of the Police Department of the
City of Oil City then contributing toward the fund and entitled to
participate therein, or their estates, as herein provided, the amount
of their total contributions out of salary or wages into the fund.
(5) If at any time the excess of said fund over and above that required
to repay contributions to the members of the Police Department of
the City of Oil City then contributing toward the fund and entitled
to participate therein, or their estates, is insufficient to pay in
full all pensions which may then be due and payable, such excess shall
be apportioned among all of the persons then entitled to pensions
in proportion to the amount of pension due them respectively, and
all pensions then due and payable shall be abated proportionately.
B. Service increment. In addition to the retirement allowance hereinabove
provided for, and notwithstanding the limitations therein placed upon
such retirement allowances and upon contributions, every contributor
who shall become entitled to the retirement allowance shall also be
entitled to the payment of a service increment in accordance with
and subject to the conditions hereinafter set forth:
(1) Service increment shall be the sum obtained by computing the number
of whole years after having served the minimum required by this article
during which a contributor has been employed by the City and paid
out of the City treasury and multiplying said number of years so computed
by an amount equal to 1/40 of the retirement allowance which has become
payable to such contributor in accordance with the provisions of this
article. In computing the service increment, no employment after the
contributor has reached the age of 65 years shall be included, and
no service increment shall be paid on excess of $100 per month.
(2) Each contributor shall, in the future and retroactively to August
7, 1967, or to the date of the commencement of his employment as a
member of the Police Department, whichever is later, pay into the
retirement fund a monthly sum in addition to his or her retirement
contribution, which shall be equal to 1/2 of 1% of his or her salary,
provided that such payment shall not exceed the sum of $1 per month,
and provided that such service increment contribution shall not be
paid after a contributor has reached the age of 65 years.
(3) Service increment contributions shall be paid at the same time and
in the same manner as retirement contributions and may be withdrawn
in full, without interest, by persons who leave the employment of
the City, subject to the same conditions by which retirement contributions
may be withdrawn, or by persons who retire before becoming entitled
to any service increment.
C. Widows.
(1) In addition to the payments authorized to be made hereunder and notwithstanding
the limitation placed thereon, the widow of a member of the Association,
or if she survives and subsequently dies or remarries, then the child
or children under the age of 18 of a member of the Association who
has less than 10 years of service and who dies or is killed on or
after the effective date of this article shall, during her lifetime
or so long as she does not remarry in the case of a widow or until
reaching the age of 18 years in the case of a child or children (in
the case of children said pension shall be distributed equally among
those surviving and qualifying), be entitled to receive a pension
of 25% of his annual compensation.
[Amended 5-7-1973 by Ord. No. 2280]
(2) The widow of a member of the Association or a member who retires
on pension, or if no widow survives or if she survives and subsequently
dies or remarries, then the child or children under the age of 18
of a member of the Association who has 10 full years of service or
more or a member who retires on pension who dies or is killed on or
after the effective date of this article shall, during her lifetime
or so long as she does not remarry in the case of a widow or until
reaching the age of 18 years in the case of a child or children (in
the case of children, said pension to be distributed equally among
those surviving and qualifying), be entitled to receive a pension
of 50% of his annual compensation in the case of a member who dies
or is killed while in the service or the pension the member was receiving
in case of member retired on pension.
[Amended 5-7-1973 by Ord. No. 2280]
(3) Each contributor shall, in the future and retroactively to August
7, 1967, or to the date of the commencement of his employment as a
member of the Police Department, whichever is later, pay into the
retirement fund a monthly sum in addition to his or her retirement
contribution and service increment contribution which shall be equal
to 1% of his salary.
(4) Widow's pension contribution shall be paid at the same time
and in the same manner as retirement contributions and may be withdrawn
in full, without interest, by persons who leave the employment of
the City before they become entitled to a pension hereunder, and in
the event that the member is killed in the service, leaving no widow
to survive him and no child or children eligible to receive payments,
the total of the widow's pension contributions paid into the
fund by said member shall be paid to the estate of the deceased member.
D. Optional military time.
[Added 11-30-1988 by Ord. No. 2481; amended 1-26-1998 by Ord. No. 2624; 8-14-2014 by Ord. No. 2832]
(1) A member of the Association is hereby granted an option which must
be exercised in writing within six months after the member has successfully
completed his or her probationary employment period, attaining status
as a full-time employee and has become a member of the Association.
The aforementioned request will be made in writing to send to
the Police Pension Fund Board, in care of the City Manager of the
City of Oil City, 21 Seneca Street, Oil City, PA 16301, requesting
a computation of the required contribution. The amount of the required
contribution shall then be computed upon the evidence submitted with
said request, evidencing full-time active duty service in the United
States Armed Forces, rendered prior to the member's employment
with the City of Oil City Police Department. Any current member who
has not previously utilized the option to purchase pension credit
for military service will have 12 months from the date of passage
of this article to invoke his or her rights under this section.
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After being sent a notice of the required amount of the contribution
to effect purchase, a member of the Association must pay the full
amount of the required contribution to effectively conclude a purchase
of the additional service time for the purpose of computing pension
benefits.
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The required contribution shall be computed by computing the
sum of the amount of a patrolman's contribution added to the
amount of the City's contribution during the years the full-time
active duty military service occurred.
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For the purposes of retirement from service, a member of the Association who has made the required contribution or purchase to the pension fund shall thereafter be entitled to add his or her years of eligible service with the City as a member of the police force, the number of years of military service for which said required contribution of purchase has been made, not to exceed three years of such military service. The member shall be entitled to use any military time purchased hereunder as credit towards his or her minimum service obligation as an active member of the police force with a combined minimum service of 20 years, for the purposes of retirement under City Code, Police Pension, § 55-21D(1).
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(2) The right or option hereby granted shall be personal to a member
of the Association and may not be elected or effected by a payment
or contribution by any person other than the member of the Association
electing to effect said purchase as provided under this section of
this article.
E. Limited vested benefit.
[Added 4-25-1994 by Ord. No. 2571]
(1) Each member of the association may, before completing the minimum
age and minimum period of continuous service requirements but after
having completed 12 years of full-time service, be entitled to vest
his or her retirement benefits, subject to the following conditions:
(a)
The member must file with the Board a written notice of his
or her intention to vest;
(b)
The member must include in the notice the date the member intends
to terminate his or her service as a full-time police officer;
(c)
The termination date shall be at least 30 days later than the
date of notice to vest;
(d)
The member must be in good standing with the Department on the
date of notice to vest; and
(e)
The Board shall indicate on the notice to vest the rate of the
monthly pay of the member as of the date of said notice to vest or
the highest average annual salary which the member received during
any five years of service preceding said date, whichever is higher.
(2) Upon reaching the date which would have been the member's retirement
date had the member continued his or her full-time employment with
the Department, the member shall notify the Board, in writing, that
the member desires to collect his or her pension. The amount of retirement
benefits the member is entitled to receive under this section shall
be computed as follows:
(a)
The initial determination of the member's base retirement
benefits shall be computed on the salary indicated on the notice to
vest; and
(b)
The portion of the base retirement benefits due the member shall
be determined by applying to the base amount the percentage that his
or her years of service actually rendered bears to the years of service
which would have been rendered had the member continued to be employed
by the Department until his or her minimum retirement date.
F. Cost-of-living adjustments (COLA).
[Added 9-25-2000 by Ord. No. 2653; amended 2-11-2002 by Ord. No.
2679]
(1) Monthly benefit increase. Members who, as of January 1, 1999, have
been retired at least five years, but less than 10 years, are awarded
an increase in their current monthly benefit equal to $25 per month;
members who, as of January 1, 1999, have been retired 10 years but
less than 15 years are awarded an increase in their current monthly
benefit equal to $50 per month; members who, as of January 1, 1999,
have been retired 15 years, but less than 20 years, are awarded an
increase in their current monthly benefit equal to $75 per month;
members who, as of January 1, 1999, have been retired 20 years, but
less than 30 years, are awarded an increase in their current monthly
benefit equal to $150 per month; and members who, as of January 1,
1999, have been retired 30 years or more are awarded an increase in
their current monthly benefit equal to $300 per month. These cost-of-living
increases shall be offset by any other COLA(s) awarded to these retirees
either by the Commonwealth of Pennsylvania or any other entity, including
the City of Oil City.
(2) Annual cost-of-living adjustments. An annual cost-of-living adjustment
(COLA) shall be made to all members who have retired after a minimum
of 20 years of active service, excluding members that are retired
on a disability pension, in which case the minimum years of active
service shall not apply. That adjustment shall be equal to and upon
the release of the percentage increase in the United States Department
of Labor's CPI for the preceding year, with a maximum cap on
such increase of 4.0% per year. There shall be an additional restriction
that no increase shall allow the pension amount of any retiree to
exceed 1/2 of the current salary being paid to a police officer of
the highest pay grade. There shall also be a cap on the cumulative
increases of the COLA equal to 50% of the original monthly benefit
of each retiree. In the event that the minimum municipal obligation
(MMO) calculation as required under Pennsylvania Act 205 of 1984 as
prepared by the City's Chief Administrative Officer and accepted
by City Council indicates that a contribution to the Police Pension
Plan is required after application of member contributions, there
will be a suspension of the COLA increases until the subsequent MMO
calculation indicates that no contribution is required. If a suspension
of the COLA increases is required, such suspension shall be effective
beginning January 1 of the year following the preparation and acceptance
of the MMO calculation. Likewise, COLA increases shall again become
effective on January 1 of the year following the preparation and acceptance
of the MMO calculation that indicates that no contribution is required.
In the event that a COLA suspension is necessary, the Police Pension
Board shall be notified in writing of that circumstance. All costs
associated with the calculation and administration of this COLA provision
will be borne by the fund.
[Amended 4-22-2002 by Ord. No. 2682]
[Amended 7-12-1971 by Ord. No. 2249; 5-7-1973 by Ord. No. 2280; 3-28-1994 by Ord. No. 2570]
A. Definition. As used in this section, "total disability" shall mean
permanent mental or physical impairment which renders the police officer
unable to perform his duties.
B. Work-related disability benefits.
(1) Any police officer who dies or becomes totally disabled due to injuries
sustained in the line of duty shall be deemed to be fully vested in
the Police Pension Fund, regardless of the annual number of years
of credited service and shall be eligible for immediate retirement
benefits.
(2) Claims under this section shall be decided by the governing body
of the City. Proof of disability shall be competent medical evidence
provided by the claimant. The governing body of the City may at any
time have the claimant examined by its own physician.
(3) Claims under this section may be brought as the regulations of the
City Council prescribe. Hearings and appeals shall be as provided
in Title 2 of the Pennsylvania Consolidated Statutes (relating to
administrative law and procedure).
(4) The Pension Fund shall be subrogated to the right of the claimant
to the extent of any payments made under the Act of June 2, 1915 (P.L.
736, No. 338), known as the "Pennsylvania Workmen's Compensation
Act."
C. Non-work-related disability benefits. Any police officer who has
less than 10 years of service and who dies or is totally disabled
due to injuries or mental incapacities not in the line of duty and
is unable to perform the duties of a police officer shall be entitled
to a pension of 25% of his annual compensation. For death or injuries
received after 10 years of service, the compensation shall be 50%
of his annual compensation.
D. Payment of benefits. The disability pension shall be payable to the
police officer during his lifetime, and if he shall die, the pension
payment that he is receiving shall be continued to be paid to his
spouse if such person survives or, if such person subsequently dies
or remarries, then the child or children under the age of 18 years
of the police officer.
E. Proof of total and permanent disability shall consist of the sworn
statements of three practicing physicians of the City of Oil City,
designated by the Board to examine the member, to the effect that
such member is in a permanent condition of health which will wholly
and permanently disable him from performing the duties of a police
officer, and each member making application for such pension shall
submit to examination by three physicians designated by the Board
before consideration shall be given to his application by the Board.
The Board may, in its discretion, require proof in addition to the
sworn statements of the three physicians designated by it.
A. If a member of the Association contributing to the fund shall be
dismissed from the police force of the City of Oil City, or for any
cause cease to be a member of the force before he or she becomes entitled
to a pension hereunder, his or her membership in the Association and
his or her right to pension shall forthwith cease, but in such event
the total amount of the contributions paid into the fund by such person
shall, upon request, be refunded to him or her in full without interest.
B. If such person received a refund, as herein provided, and shall later
reenter the employ of the City as a member of the police force, such
member may return to the pension fund the amount withdrawn, in which
event the period of 20 years herein provided for shall be computed
by including the period during which he or she was previously employed
as a member of the police force, otherwise the period shall be computed
from and after the date of reemployment.
C. In the event of the death of a member of the Association before he
or she becomes entitled to the pension herein provided for, the total
of the contributions paid into the fund by said member shall be paid
to the estate of said deceased employee without interest.
D. In the event of the death of a member of the Association while receiving
a pension hereunder, but before the amount of the pension received
shall equal the total amount of contributions paid into the fund,
the difference between the amount received as pension and the amount
contributed to the fund by the deceased member shall be paid to the
estate of said deceased employee.
The pensions herein provided for shall not be subject to attachment
or execution and shall be payable only to the beneficiary designated
and shall not be subject to assignment or transfer.
No person receiving a pension hereunder shall be employed by
the City in any capacity, except in an office elected by popular vote,
and during the term of said office, said person shall not be entitled
to said pension.
No payments shall be made from the funds entrusted to the Board
except by check or order signed by the Treasurer and Secretary and
countersigned by the Mayor as President of said Board.
The Treasurer shall give surety bond approved by the Board in
such sum as the Board may determine for the faithful performance of
his duties. The premium for such bond shall be paid by the Board out
of the funds entrusted to it.
It shall be the duty of the Treasurer to keep account of all
moneys coming into his hands belonging to the Board and all disbursements
of the same. All moneys received by the Treasurer shall forthwith
be deposited in the depository chosen by said Board in the name of
the Police Pension Fund.
The Board, or someone employed by it, shall at least once each
year audit the accounts of the Treasurer, and a written report shall
be submitted to the Board and to the Council of the City of Oil City
of its financial condition and of the amounts received and paid out
during the period audited and of all investments made by the Board
and the condition of such investments.
A. A sum sufficient to meet current requirements shall be kept on deposit
by the Board at the current depository. The balance of the moneys
coming into the possession of the Board shall be, as soon as may be
convenient, invested by the Board or delivered to such officers of
the City or citizens thereof or corporations located therein as Council
may direct for the custody and management thereof and investment in:
(1) The bonds or obligations of the United States or the United States
Treasury or those for the payment of principal and interest on which
the faith and credit of the United States is pledged.
(2) Bonds or other interest-bearing obligations of the Commonwealth of
Pennsylvania or those for the payment of principal and interest on
which the faith and credit of the commonwealth is pledged.
(3) Bonds or interest-bearing obligations of any county, city, borough,
township or school district of the Commonwealth of Pennsylvania or
those for the payment of which the faith and credit of such political
subdivision is pledged, provided that, at the date of the investment
of such bonds or other interest-bearing obligations, such political
subdivision is not in default in payment of principal and interest
owed by it on any part of its bonded indebtedness.
(4) Mortgages of one or more individuals or corporations securing bonds
or other obligations, subject to the following provisions:
(a)
At the time of the recording of any such mortgage in the office
of the recorder of deeds of the proper county, or at the date of any
extension or renewal thereof, such mortgage shall meet the following
requirements:
[1]
Such mortgage shall be or become a first lien upon improved
real estate within the City of Oil City, Venango County, Pennsylvania,
prior to all other liens, except taxes previously levied or assessed
but not then payable, and except taxes then due payable, or delinquent,
for the payment of which taxes provision has been made in the mortgage
settlement.
[2]
The face amount of the bonds or other obligations secured by
such mortgage shall not exceed 2/3 of the estimated fair value of
such real estate, as determined by the Board or a committee by the
Board appointed to view and value such real estate.
[3]
All such mortgages shall be taken and held in the name of the
Police Pension Fund Board of Oil City, Pennsylvania.
[4]
Such mortgage shall be payable not more than five years after
the date thereof or the date of any renewal or extension thereof.
[5]
All satisfactions or mortgages or similar documents on payment
in full thereof shall be executed on behalf of the Board by the President
and attested by the Secretary or Treasurer.
(5) Trust certificates for a fractional interest or interest in a mortgage
or in a pool or fund containing mortgages, real estate bonds, railroad
obligations, obligations of public utility corporations, obligations
of telephone companies, which are legal investments for fiduciaries
under the laws of the Commonwealth of Pennsylvania now in force, or
which may hereafter be enacted.
(6) Any other investment which is legal for trust funds.
(7) Street or sewer improvement bonds of the City of Oil City, Pennsylvania,
secured by liens on real estate and not pledging the general faith
and credit of the City; provided, however, that not more than 10%
of the fund, including interest accumulations in addition thereto,
shall at any time be invested in any one issue of sewer or street
bonds of the City of Oil City, payable out of or secured by special
assessments made for such improvements.
B. The Board may purchase certificates of deposit in any national bank
or trust company organized under the laws of the Commonwealth of Pennsylvania
in the City of Oil City, or deposit the funds in its possession in
a savings account in the name of the Police Pension Fund Board in
any national bank or trust company organized under the laws of the
Commonwealth of Pennsylvania in the City of Oil City.