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A. Creation; Terms: There shall be a firefighters' 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 fire department of the village, and one shall be elected from the beneficiaries of the firefighters' pension fund. Elected members shall be selected in the manner provided by the 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 firefighters' pension fund board to manage, invest and control the firefighters' pension fund and all monies pertaining thereto in the manner provided by state statute and to pay beneficiaries of the firefighters' pension fund as provided by state statute. (Ord. 15-04-26)