As provided by laws of the state, the repeal of this subchapter shall not become effective unless the repealing ordinance is adopted by the unanimous vote of the duly elected members of the City Council. If, in the event a repeal ordinance is adopted by such Council, all moneys or property belonging to the policemen's and firemen's pension fund at the time of the repeal, shall be dissolved or liquidated by the Board of Trustees of the Policemen's and Firemen's Pension Fund and distributed by the Board in the following manner: Within sixty (60) days of adoption by the City Council of the repeal ordinance, the Board of Trustees shall proceed with the liquidation of the pension fund as follows: All unexpended moneys appropriated to the pension fund out of the city's general fund to the policemen's and firemen's pension fund by the Council 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 pension fund's hands shall be liquidated by the Board of Trustees in the following manner: all unexpended moneys in the pension fund which accumulated thereto by assessments from the policemen's and firemen's salaries and gifts as accumulated thereto in any manner, except appropriations from the city's general fund shall revert back to the active and retired members of the policemen and firemen and dependents who have qualified under this subchapter in the city. In the division to the beneficiaries, the Board of Trustees shall use in the division of the fund the precentum of the present salaries of such members. After all disbursements have been made of the fund by the Board of Trustees, the Board of Trustees shall file as their last act, a complete report of same with the Council within thirty (30) days, and such report shall be kept in the office of the City Treasurer as other city records.
(‘74 Code, § 2-188) (Ord. passed 3-5-43)
Statutory reference:
For similar provisions under state law, see KRS 95.783