(A) The Village Board of Trustees shall annually levy a tax upon all the taxable property of the municipality at the rate on the dollar which will produce an amount which, when added to the deductions from the salaries or wages of police officers and receipts available from all other sources as hereinafter referred to, will equal a sum sufficient to meet the annual requirements of the Police Pension Fund. The annual requirements to be provided by the tax levy shall be equal to the reserve prescribed by ILCS Chapter 40, Act 5, § 3-127. The tax shall be levied and collected in like manner with general taxes of the village and shall be in addition to all other taxes now or hereafter authorized to be levied upon all property within such municipality and shall be in addition to the amount authorized to be levied for general purposes as provided by ILCS Chapter 65, Act 5, §§ 8-3-1 et seq.
(B) The Police Pension Fund shall consist of the following moneys which shall be set apart by the Treasurer of the municipality.
(1) All moneys derived from the taxes levied hereunder;
(2) Deductions from the salary of each police officer in the amount or percentage prescribed by ILCS Chapter 40, Act 5, § 3-125.1;
(3) All moneys accumulated by the village under any previous legislation establishing a fund for the benefit of disabled or superannuated police officers;
(4) Any donations, gifts or other transfers referred to in ILCS Chapter 40, Act 5, §§ 3-101 et seq.
(`70 Code, § 17-23) (Ord. 729, passed 8-12-03)
Cross-reference:
Taxation and finance, see Chapter 35