(a) The Municipal Firemen’s Relief and Pension Fund, which was established by municipal ordinance on December 19, 1939, is hereby declared operative as of August 20, 1976.
(b) Such Fund shall consist of those assets which have accumulated in escrow since January 1, 1973, and the same shall be forthwith reclaimed from escrow for such purposes.
(c) Such Fund shall be operated, maintained and conducted in accordance with the applicable sections of the Ohio Revised Code.
(d) Such Fund shall be operated, maintained and conducted by a Board of Trustees to be selected pursuant to the applicable sections of the Ohio Revised Code.
(e) Such Fund shall require, in addition to such reclaimed escrow monies, the use of three-tenths of one mill of real and personal property tax revenue, such use having been initiated prior to January 1, 1967. The Manager shall henceforth take any and all appropriate action in order to ensure the availability and appropriation of such monies.
(f) The monies hereby reclaimed from escrow shall be allocated for the following purposes, and the priority of such purposes, as well as the specific sums allocated to each of such purposes, shall be determined by the Board of Trustees of the Fund:
(1) Payment of pension benefits shall begin on August 20, 1976, to those retired persons entitled to the same, and continue, as the amount of the same is determined by the Board, until such time as the monies derived from the appropriation of three-tenths of one mill of the tax revenue become available for use by the Board.
(2) Payment shall be made to the Ohio Public Employees Retirement System on behalf of the active members of the Fire Department whereby such members may receive credit with the Public Employees Retirement System for past years of service in the Department.
(Ord. 76-O-257, passed 9-7-1976)