(A) Purpose. The Board of Trustees shall administer the Police Pension Fund.
(B) Compensation. The Board of Trustees shall be composed of three members: the Mayor, the Clerk-Treasurer, and the Chief of Police.
(C) Quorum. A majority of the Trustees shall constitute a quorum for the transaction of business pertaining to the Police Pension Fund.
(D) Compensation. The Trustees shall receive no pay for their services and shall be paid only their necessary expenses; provided that the Trustees, the Secretary, and each member of the police force so selected by the Board of Trustees shall be paid out of the fund their necessary traveling expenses when acting upon matters pertaining to the fund.
(E) By-laws. The Board shall have the power to make all necessary by-laws for meetings of the Trustees and all matters connected with the care, preservation and disbursement of the fund.
(F) Officers. The Mayor shall be the President of the Board, and the Clerk-Treasurer shall be its Treasurer. The Board shall select one of its members to act as Secretary, and the Secretary shall be paid out of the funds, the sum for his or her services as may be fixed by the Board of Trustees.
(G) Reports. The Secretary and Treasurer shall make full, true and accurate reports of their trust to the Board of Trustees on the first Monday in February of each year, copies of which report shall be filed with the Clerk-Treasurer.
(H) Deductions. The Board of Trustees shall have full charge and control of the Police Pension Fund and shall deduct from the salary of each patrolman 3% of the annual salary, which sum shall be deducted each month from the pay of each member of the Police Department. This percentage may be modified in conformity with any amendment to applicable Indiana laws.
(I) Insufficient funds. If, in the judgment of the Board of Trustees, the amount of money available for any year will be insufficient to pay benefits provided by law, the Trustees shall, prior to the date on which the budget of the city is adopted, prepare an itemized estimate in a form as shall be prescribed by the State Board of Accounts of the amount of money which will be receipted into and disbursed from the Police Pension find during the fiscal year next ensuing. Monies shall then be levied for those insufficient amounts to pay the benefits required by statute.
(J) Investments. The Board of Trustees shall determine how much of the fund may be safely invested and how much shall be retained for the needs, demands, and exigencies of the fund. Investments shall be made in interest bearing bonds of the United States of America, or the State of Indiana, or any municipal corporation of the State of Indiana, or any street, sewer or other improvement bonds of any city or town in this state. Investments shall be according to those investments permitted by statute.
(K) Benefits. The Board of Trustees shall pay benefits to disabled and retired policemen as provided by state statute as amended from time to time.
(L) State law. This section is enacted in conformity with applicable state law which may be amended from time to time.
(`84 Code, § 2-45) (Ord. 127, passed 6-14-65)