In the event that the provisions of KRS 95.761 to 95.785 are accepted and adopted by the legislative body of a city of the fourth class by ordinance, as herein provided, the repeal of such ordinance shall not become effective unless adopted by the unanimous vote of the duly elected members of such legislative body. In the event a repeal ordinance is adopted by such legislative body, all moneys or property belonging to the Policemen's and Firefighters' Pension Fund at the time of the repeal of the said adoption ordinance shall be dissolved or liquidated by the Board of Trustees of said Policemen's and Firefighters' Pension Fund and distributed by said Board in the following manner: Within 60 days of adoption by said legislative body of said repeal ordinance, the said Board of Trustees shall proceed with the liquidation of said Pension Fund as follows: All unexpended moneys appropriated to said Pension Fund out of the said city's general fund to the Policemen's and Firefighters' Pension Fund by the said legislative body of such city and at the time of adoption of a repeal ordinance shall revert back to the city's general fund. All other unexpended moneys or property which has come into the said Pension Fund's hands shall be liquidated by said Board of Trustees in the following manner: All unexpended moneys in the said Pension Fund which accumulated thereto by pick up of employee contributions by the employer pursuant to KRS 65.155 or assessments from Policemen's and Firefighters' salaries and gifts, or accumulated thereto in any manner except appropriations from the said city's general fund, shall revert back to the active or retired Policemen and Firefighters and dependents who have qualified under KRS 95.761 to 95.785 in such city. In the division to the beneficiaries, the Board of Trustees shall use in the division of said fund the per centum of the present salaries of such members. After all disbursements have been made of said Fund by the Board of Trustees, the said Board of Trustees shall file, as their last act, a complete report of same with said legislative body within 30 days, and such report shall be kept in the office of the City Clerk as other city records.
(Ord. O-7-2005, passed 5-2-05)
Statutory reference:
For similar statutes, see KRS 95.783