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A. Tax Levy:
1. For the purpose of paying the salaries of police officers who have been placed upon the reserve list, the city council shall, in the manner provided by law, and at the time of the levy of the annual tax, levy a special tax of not to exceed one mill on the dollar upon the assessed valuation of all taxable property within the limits of the city, which tax shall be collected as other taxes and, when so collected, shall be paid into the fund created for the payment of such salaries of police officers upon the reserve list.
2. However, in case the demand against such fund shall be heavier than the levy can provide, then and in such case, such additional levy of not to exceed one mill may be made until such returns from the first mill levy are sufficient to meet the demand.
B. Salary Deductions: The city clerk-treasurer shall retain from the monthly salary of all police officers upon the active list a sum equal to three percent (3%) of the monthly compensation paid each officer for his services as such police officer. The said monthly deduction from the salaries of such police officers shall be paid into the fund created by the tax levy for the purpose of paying the salaries of police officers upon the reserve list.
C. Gifts And Monies Applied To Fund: All monies withheld from salaries of police officers for the violation of rules and regulations of the police department, all bequests, gifts or emoluments paid or given on account of any extraordinary service of any member of the police department, except when specifically allowed to be retained by such officer by the mayor and chief of police, and all monies derived from the provisions of this chapter shall be placed in the fund created by the tax levy of taxable property and percentum of salaries withheld from such police officers.
D. Investment Of Fund: All monies in said fund in excess of such amount as shall be deemed necessary from time to time to meet current payments to reserve police officers shall be invested as hereinafter provided, and all interest on any and all monies belonging to said fund from whatever source derived shall belong to and be paid into said fund. (Ord. 2.20)
E. Trustees Of Fund:
1. Appointment; Term: A board of trustees of said fund is hereby created, which board shall consist of the mayor, city clerk- treasurer and city attorney, and two (2) members of the police department from the active list who shall be selected by a majority vote of the members of the police department on said active list, who shall serve for a term of two (2) years, except as hereinafter provided. Upon the effective date hereof, the two (2) members of the police department shall be selected as herein provided, one to be selected for a term of two (2) years, the other for one year. A certificate of the election of the members of the police department selected for the board of trustees shall, upon such selection being made, be certified to the city clerk-treasurer by the chairman and secretary of the meeting at which selection was made. (Ord. 2.20; amd. 2006 Code)
2. Auditing Of Fund; Investment; Report On Retirement: The board of trustees of the fund shall audit the same from time to time at least twice during each year and report the condition of said fund annually to the city council on or before April 1 of each year. The board of trustees shall invest the monies in said fund from time to time as may be directed by the city council, but the monies in said fund shall not be invested in anything other than bonds of the United States or of the state of Montana, or bonds or warrants of the city of Cut Bank which are general liabilities of the whole city. The trustees shall make sale of such bonds or securities when desirable and as directed by the city council. All such bonds and warrants shall be deemed part of the fund and shall be kept in the possession of the city clerk-treasurer, and the clerk-treasurer shall be responsible therefor in the same manner as he is for all other monies or funds of the city. Before any member of the police department is placed on the reserve list by the city council, the board of trustees of the fund shall report to the city council in writing their recommendations as to whether or not such member shall be placed upon the reserve list.
F. Limit Of Use Of Fund: The fund shall not be used for any purpose whatsoever other than the payment to members of the police department on the reserve list of the amounts to which they are entitled under the provisions of this chapter. (Ord. 2.20)