(A) Fund established. There shall be a Police Pension Fund established in the village as provided by law.
(B) Fund to be separate; tax levied.
(1) The money in the Police Pension Fund shall be held in a separate account by the Village Treasurer as provided by statute.
(2) This Fund shall consist of the deductions from the pay of police officer subject to the Act, as provided by statute, and there shall be annually levied a tax sufficient to enable the Police Pension Fund to meet all its obligations.
(C) Reserve; tax levied.
(1) There shall be established and maintained a reserve in the Police Pension Fund, as required by statute.
(2) This reserve shall be built up to an amount of at least $10,000 for each police officers and each beneficiary entitled to the protection of the Pension Fund, and sufficient tax shall be levied for the benefit of the Pension Fund to build this reserve up to the required amount within the 40 years following 7-17-1959, as prescribed in ILCS Ch. 40, Act 5 §§ 3-101 et seq.
(Prior Code, § 5-1-14)