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A. Creation; Terms: There shall be a police pension fund board consisting of five (5) members, each serving a term of two (2) years. Of these members, two (2) shall be appointed by the village president, two (2) shall be elected from the regular police force of the village, and one shall be elected from the beneficiaries of the police pension fund. Elected members shall be selected in the manner provided by Illinois law. If there are not enough qualified candidates for each category, the village shall seek guidance from the Illinois department of insurance in regard to the filling of the vacancy.
B. Powers And Duties: It shall be the duty of the police pension fund board to manage, invest and control the police pension fund and all monies pertaining thereto in the manner provided by state statute and to pay beneficiaries of the police pension fund as provided by state statute. (Ord. 15-04-26)