(A) Establishment. The Police Pension Fund shall be governed and managed by a Board of Trustees, to be known as the "Board of Trustees of the Police Pension Fund of the Town of Cicero" and which hereafter shall be referred to as the Pension Board. The Pension Board shall be composed of three members as follows: the President of the Town Council, the Clerk-Treasurer, and the Chief of the Police Department. ('84 Code, § 33.02)
(B) Quorum. Two members of the Pension Board shall constitute a quorum for the transaction of business pertaining to the Police Pension Fund. ('84 Code, § 33.03)
(C) Officers; powers and duties.
(1) The President of the Town Council shall be President of the Pension Board, the Clerk- Treasurer shall be its Treasurer, and the Chief of the Police Department shall act as Secretary.
(2) It shall be the duty of the President to preside over all meetings of the Board.
(3) The Treasurer shall have the custody of all moneys, notes, bonds, and other securities due or belonging to the Police Pension Fund, and shall collect the principal and interest of the same. The Treasurer shall be liable on his bond, as Clerk-Treasurer, for the faithful accounting of all moneys and securities which may come into his hands and which belong to the Fund. He shall keep a separate account, which shall show at all times the true condition of the Fund. The Treasurer shall, upon the expiration of his term of office, account to the Board for all moneys, notes, bonds, and other securities coming into his hands, and the proceeds of the same, and turn over to his successor all moneys, notes, and other securities which belong to the Fund and remain in his hands.
(4) It shall be the duty of the Secretary to keep a true account of the proceeding of the Board when acting upon matters relating to the Fund; to keep a correct statement of the accounts of each member with the Fund; to collect and turn over to the Treasurer of the Board all moneys which belong to the Fund; to render to the Board a monthly account of his acts and services as such; and to turn over to his successor all books and papers pertaining to his office. The Secretary shall execute a bond, to be approved by the Board and in such amount as may be fixed by the Board, conditioned for the faithful discharge of the duties of his trust.
(5) The Secretary and Treasurer shall make full, true, and accurate reports of their trusts to the Board on the first Monday in February of each year, and copies of the reports shall be filed with the Clerk-Treasurer. The books of the Secretary and Treasurer shall at all times be open to examination by any member of the Board. It shall be the duty of each member of the Police Department to turn over to the Secretary of the Board, within 30 days after receiving the same, all moneys and securities which may come into the hands of the member and which belong to the Fund.
(D) General powers and duties of Board. The Board shall have the power to make all necessary by-laws for meetings of the members of the Board; the collection of all moneys and other property due or belonging to the Fund; all matters connected with the care, preservation, and disbursement of the Fund; and all other matters connected with the proper execution of the purposes and provisions of this subchapter in relation to the Fund.
('84 Code, § 33.04)
(E) Compensation of Board members.
(1) Except as provided in division (E) (2) below, members of the Pension Board shall receive no pay for their services as such, and shall be paid only their necessary expenses. However, members of the Board shall be paid out of the Police Pension Fund for their necessary traveling expenses when acting upon matters pertaining to the Fund.
(2) The Secretary of the Board shall be paid out of the Fund for his services such sum as may be fixed by the Board.
('84 Code, § 33.05)
(Ord. 6-12-79, passed 6-12-79)