(A) (1) There is hereby established a Policemen’s Pension Fund for the City of Mt. Vernon, pursuant to provisions of 40 ILCS 5/3-101 et seq.
(2) There is hereby created a Board of Trustees which shall consist of five (5) trustees who are residents of the City. Two (2) trustees shall be appointed by the Mayor for a period of two (2) years each, or until their successors shall be appointed and qualified. The third and fourth members of the Board shall be elected by the members of the active police force for a term of two (2) years each, or until their successors shall be elected and qualified. The fifth member shall be elected by and from beneficiaries of the Fund for a term of two (2) years or until his successor shall be elected and qualified.
(B) The election provided for elected members of the Board shall be held biannually on the third Monday in each April hereafter, at such place or places in the City and under the Australian Ballot System and such other regulations as shall be prescribed by the appointive members of the Board of Trustees. The terms of each trustee shall begin on the second Tuesday of May following such election. The Board of Trustees shall have such power and duties as are provided by 40 ILCS 5/3-101 et seq.
(C) (1) The Policemen’s Pension Fund shall receive 8.5 percent of the salary of each member of the Police Department and all proceeds from the levy of a tax provided for such fund under the provisions of the Statutes of the State of Illinois.
(2) The Treasurer of the City of Mt. Vernon shall be the Treasurer and Custodian of the Fund and shall make disbursements therefrom only by direction and authority of the Board of Trustees.
(D) In the absence of the City Treasurer, the City Clerk of the City of Mt. Vernon may sign checks authorizing disbursements as directed by the Board of Trustees, provided said checks are also signed by either the President or Secretary of the Board of Trustees.
(Prior Code, Art. 8, § 8.4)