[1960 Code, Sec. 1.32.010]
There is hereby established a police pension fund in the City as provided by law.[1] The City Treasurer shall be treasurer of said fund.
[1]
See 40 ILCS 5/3-101.
[1960 Code, Sec. 1.32.020]
The board of trustees of the said fund shall consist of five members who shall be residents of the City, two to be appointed by the Mayor, two to be elected by the members of the police department and one to be elected by the beneficiaries of the pension fund. Vacancies shall be filled, for the unexpired term, by the person or group authorized to make the original appointment or election. The appointments shall be made and the elections shall be held on the third Monday in April of each year. Following the first appointments and elections, the members appointed by the Mayor shall determine by lot which member so appointed shall serve for one year and which shall serve for two years, and the members elected by the members of the police department shall determine by lot which member so elected shall serve for one year and which shall serve for two years, the member elected by the beneficiaries of the pension fund shall serve for two years. Thereafter, the term of each member shall be for two years and until his successor is appointed or elected and qualified. All persons appointed or elected as members of the board of trustees shall, before entering upon the duties of their office, take, subscribe and file with the City Clerk a suitable oath of office. The board shall, annually, elect from its members a president and a secretary. The board shall meet at least quarterly as provided by law and shall hold such additional meetings as may be called by the president of the board.
[1960 Code, Sec. 1.32.030]
There shall be deposited in the pension fund the sums required by law, including the following: 5% per month deducted from the salary of each member of the police force; all proceeds of a tax of not more than 0.05% of the full fair cash value, as equalized or assessed by the department of revenue, of all taxable property of the City, which shall be levied annually; 3/4 of the proceeds from dog licenses; all the money received for special detail of police officers; 10% of fines collected for violation of City ordinances; all money received as fines imposed upon policemen for violation of the rules and regulations of the police department; all rewards given or paid to members of the police force, except such as are excepted by the board of trustees of the police pension fund; and 10% of all revenue collected from licenses by the City, exclusive of vehicle licenses.