[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.
