(A) There is created for the city a Policemen's and Firemen's Pension Fund and a Board of Trustees for that fund.
(B) (1) The Board of Trustees shall be the Trustee of the Pension Fund, and shall have exclusive control and management of the Pension Fund and of money donated or paid for the relief or pensioning of the members of the Police and Fire Department.
(2) It may do all things necessary to protect the funds.
(C) The Policemen's and Firemen's Pension Fund shall be held and distributed for the purpose of paying pensions and benefits and for no other purpose.
(Ord. 448, passed 12-17-1946)
Statutory reference:
State law requiring third-class cities to create a Policemen's and Firemen's Pension Fund, and a Board of Trustees for the fund, see KRS 95.622