(A) The Pension Board shall have full charge and control of the Police Pension Fund, and the Fund shall be derived from the following sources:
(1) All moneys that may be given to the Board for the use of the Fund by any person. The Board may take by gift, grant, devise, or bequest any money, chose in action, personal property, real estate, or any interest therein. The Board shall be authorized to take such gift, grant, devise, or bequest under and by the style of the "Board of Trustees of the Police Pension Fund of the Town of Cicero" and to hold the same, or assign, transfer, or sell the same, whenever proper and necessary under and by that name.
(2) All moneys, fees, and awards of every nature which may be paid or given to the Police Department or to any member of the Department, because of any service or duty performed by the Department or its members; all fines imposed by the Chief of Police or other proper authority against any member of the Department; and the proceeds from the sale of all lost, stolen, strayed, or confiscated property recovered or taken into possession by members of the Department in the performance of their duties and sold at public sale in accordance with the law.
(3) Every member of the Police Department who has been accepted and designated as a beneficiary of the Police Pension Fund by the Pension Board shall be assessed a part of his salary, to be fixed by the by-laws of the Fund, as follows:
(a) On and before December 31, 1977, 3%;
(b) On and after January 1, 1978, 3.5%;
(c) On and after January 1, 1979, 4%;
(d) On and after January 1, 1980, 4.5%;
(e) On and after January 1, 1981, 5%;
(f) On and after January 1, 1982, 5.5%; and
(g) On and after January 1, 1983, 6%;
of the salary paid a first-class patrol officer. The assessment shall be deducted each month from the pay of each member of the Police Department. The Secretary of the Pension Board shall prepare a roll of each assessment, and shall place opposite the name of every member of the Police Department the amount of the assessment against him. The Treasurer of the Board shall deduct and retain out of the salary paid to the member the amount of the assessment, and shall place the assessment to the credit of the Fund. Every person who becomes a member of the Police Department shall from that time be liable for the payment of the assessment and, in becoming a member of the Department, shall be conclusively deemed to have undertaken and agreed to pay the assessment and have it deducted from his salary as required by this section.
(B) If in the judgment of the Pension Board the amount of money which will be available for any year, from whatsoever source derived, will be insufficient to pay the benefits, pensions, and retirement allowances which, by the provisions of this subchapter the Board is obligated to pay, the Board shall at any time prior to the date on which the budget of the town is adopted prepare an itemized estimate, in such 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 Fund during the fiscal year next ensuing.
(1) The estimated receipts so set forth shall consist of the several items enumerated in division (A) of this section.
(2) The estimated disbursements as prepared and submitted by the Board shall consist of an estimate of the amount of money which will be needed by the Board during the fiscal year next ensuing to defray the expenses and obligations incurred and which will be incurred by the Board in making the payments prescribed in this subchapter to retired members, to members who are eligible to and expect to retire during the ensuing fiscal year, and to the dependents of deceased members.
(3) At the time when the estimates are prepared and submitted, the Board shall likewise prepare and submit a certified statement showing the name, age, and the date of retirement of each retired member, and the monthly and yearly amount of the payment to which the retired member is entitled; the name and the age of each member who is eligible to and expects to retire during the fiscal year next ensuing, the date on which the member expects to retire, and the monthly and yearly amount of the payment which the member will be entitled to receive; and the name and the age of each dependent, the date on which the dependent became a dependent, the date on which the dependent will cease to be a dependent by reason of his attaining the age at which dependents cease to be dependents, and the monthly and yearly amount of the payment to which the dependent is entitled.
(4) The total receipts shall be deducted from the total expenditures as set forth in the itemized estimate, and the amount of the excess of the estimated expenditures over the estimated receipts shall be paid by the town in the same manner as other lawful expenses of the town are paid, and a tax levy shall be made annually for that purpose as hereinafter provided.
(5) Except as herein otherwise provided, the estimates so submitted shall be prepared and filed in the same manner and form and at the same time that the estimates of other offices and departments of the town are prepared and filed, as provided by law.
(6) In the year 1980 and annually thereafter, at the time provided by law, the Town Council shall levy a tax in such amount and at such a rate as will be necessary to produce the revenue to pay that proportion of the police pensions which the town is obligated to pay. All money derived from the levy is hereby appropriated to the Pension Board of the Police Pension Fund for the exclusive use of police pensions and disbursements, if found to be correct and in conformity with the data submitted in the certified statement, shall be a binding obligation upon the town, and the Town Council shall make a levy therefor which will yield an amount equal to the estimated disbursements less the amount of the estimated receipts.
('84 Code, § 33.15) (Ord. 6-12-79, passed 6-12-79)