The board of trustees may take by gift, grant, transfer, devise or bequest, any money, real estate, personal property or other valuable thing; and such money and the proceeds from sale of or the income from such real estate, personal property, right of property or other valuable thing so obtained shall be paid into the pension fund.
The board of trustees of the pension fund shall establish and maintain a reserve fund to ensure the payment of all obligations incurred in accordance with the provisions of this chapter. Such fund shall not be less than ten thousand dollars ($10,000.00) for each policeman and each beneficiary in the city provided that the board of trustees shall attempt to create and maintain a minimum reserve fund which will be adequate to meet and provide for the estimated actuarial requirements for each policeman, and for each beneficiary of the fund, the attempt to keep the estimated actuarial deficiencies at a minimum and ensure the solvency of the fund.
If the reserve fund is less than the minimum amount herein provided for, the board of trustees of the pension fund in making its annual report, hereinafter referred to, to the council shall designate the proportionate amount needed annually to ensure the minimum amount herein provided for in such reserve fund after a period of forty (40) years subsequent to this date and attempt to improve said reserve fund in annual installments so that said minimum reserve will be achieved in said period. (R.O. 1959, Ch. 32, Sec. 16)