There shall be a police pension fund of the village which shall be maintained separate from all other funds and monies of the village and which shall be administered in accordance with the provisions set out under title 2, chapter 7, "Police Pension Fund Board Of Trustees", of this code, and the applicable provisions of the Illinois statutes.
The board of trustees of the village shall, annually, levy a tax upon all taxable property of the village at the rate on the dollar which will produce an amount which, when added to the deductions from the salaries or wages of policemen, and receipts available from all other sources, will equal a sum sufficient to meet the annual requirements of the police pension fund. The annual requirements to be provided by such tax levy shall be equal to the reserve prescribed by 40 Illinois Compiled Statutes 5/3-127, and as the same may hereafter be altered or amended. 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 the village, and shall be in addition to the amount authorized to be levied for general purposes, as provided in the Illinois municipal code. (Ord. 194, 10-7-1965)