The board shall have all powers provided by law including the following:
A. To Control And Manage The Pension Fund: To control and manage, exclusively, the pension fund, and all money donated, paid or assessed for the pensioning of disabled and retired police officers, their surviving spouses, minor children and dependent parents. All such monies shall be placed by the treasurer of the village to the credit of the fund, subject to the order of the board.
B. To Order Payments And Issue Certificates: To order the payment of pensions and other benefits and to issue certificates signed by its president and secretary to the beneficiaries stating the amount and purpose of the payment.
C. To Submit Annual List Of Fund Payments: To submit annually to the board of trustees at the close of the village's fiscal year, a list of persons entitled to payments from the fund, stating the amount of payments, and their purpose, as ordered by the board. It shall also include items of income accrued to the fund during the fiscal year. The list shall be signed by the secretary and president of the board, and attested under oath. A resolution or order for the payment of money shall not be valid unless approved by a majority of the board members, and signed by the president and secretary of the board.
D. To Draw And Invest Funds: To draw pension funds from the treasurer of the village, and invest any part thereof in the name of the board in: 1) interest bearing bonds or tax anticipation warrants of the United States, of the state of Illinois, or of any county, township or municipal corporation of the state; 2) insured withdrawable capital accounts of state chartered savings and loan associations; 3) insured withdrawable capital accounts of federal chartered federal savings and loan associations if the withdrawable capital accounts are insured by the Federal Savings and Loan Insurance Corporation; 4) insured investments in credit unions if the investments are insured by the National Credit Union Administration; 5) savings accounts or certificates of deposit of a national or state bank; 6) securities described in item 5.1 of section 1-113 of the Illinois pension code, but only subject to the conditions therein set forth; 7) contracts and agreements supplemental thereto providing for investments in the general account of a life insurance company authorized to do business in Illinois; 8) separate accounts of a life insurance company authorized to do business in Illinois, comprised of common or preferred stocks, bonds, or money market instruments; and 9) separate accounts managed by a life insurance company authorized to do business in Illinois, comprised of real estate or loans upon real estate secured by first or second mortgages. The total investment in such separate accounts shall not exceed ten percent (10%) of the aggregate book value of all investments owned by the fund. All securities shall be deposited with the treasurer of the village, and be subject to the order of the board. Interest on the investments shall be credited to the pension fund. No bank or savings and loan association shall receive investment funds as permitted by this section, unless it has complied with the requirements established pursuant to section 6 of "an act relating to certain investments of public funds by public agencies", approved July 23, 1943, as now or hereafter amended. The limitations set forth in such section 6 shall be applicable only at the time of investment and shall not require the liquidation of any investment at any time.
E. To Subpoena Witnesses: To compel witnesses to attend and testify before it upon all matters connected with the administration of this article, in the manner provided by law for the taking of testimony in the circuit courts of this state. The president, or any board member, may administer oaths to witnesses.
F. To Appoint Clerk: To appoint a clerk and define his duties. No person drawing a pension under this article shall be employed by the board.
G. To Pay Expenses: To provide for the payment from the fund of all necessary expenses, including clerk hire, printing and witness fees.
H. To Keep Records: To keep a public record of all its proceedings.
I. To Make Rules: To make necessary rules and regulations in conformity with the applicable statutes, and to publish and transmit copies from time to time to all pensioners and contributors.
J. To Accept Donations: To accept by gift, grant, transfer, or bequest, any money, real estate, or personal property. Such money and the proceeds from the sale of or the income from such real estate or personal property shall be paid into the pension fund. (Ord. 97-12-2, 12-10-1997)