A. Fund Established: There shall be a police pension fund established in the city, as provided by law.
B. Board Of Trustees:
1. Membership: The board of trustees of the said fund shall consist of five (5) members, two (2) appointed by the mayor, and two (2) shall be members of the police department who shall be elected by the members of the police department, and one elected by the beneficiaries of the pension fund. The elections shall be held biennially on the third Monday in April, and the term of each member shall be two (2) years.
2. Meetings: The pension 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 pension board.
3. Term Of Service: A board of trustees as required by law shall be established to serve until the time for regular elections.
C. Deposits Into Fund: There shall be deposited in the pension fund the sums required by law, which shall include nine percent (9.0%) per month deducted from the salary of each member of the police force, and the proceeds of an annual tax of not to exceed thirty seven and one-half percent (37.5%) which shall be levied, and also thirteen and three-tenths percent (13.3%) of all property replacement taxes, ten percent (10%) of fines collected for violation of city ordinances, and ten percent (10%) of the liquor license revenue, which shall be contributed to the pension fund, as required by statute. (Ord. 704, 6-7-1954; amd. 2006 Code)