(A) There is hereby established and adopted a Firemen’s Pension Fund pursuant to provisions of 40 ILCS 5/4-101 et seq. There is hereby created a Board of Trustees of the Firemen’s Pension Fund which shall consist of the City Treasurer, City Clerk, Chief of the Fire Department, and Mayor, and also three (3) Trustees who shall be chosen from the firemen who have been duly retired under provisions of the statute above set forth. The members of the Board chosen from the active and retired firemen shall be elected by ballot in an election held on the third (3rd) Monday in April under the Australian Ballot System at such place and under such regulations as shall be prescribed by the Board.
(B) Each elected member of the Board shall hold office for a period of three (3) years and until his successor has been duly elected and qualified. The Board shall have such powers and duties as are provided by provision of 40 ILCS 5/4-101 et seq. There shall be set apart and paid in the fund seven and three-fourths percent (7-3/4%) of salaries of all members of the Fire Department and all proceeds of the annual tax levy provided by Statute. Treasurer of the Board shall be custodian of the fund and shall make disbursement therefrom only by direction and authority of the Board of Trustees.
(C) 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, § 8.5)