(A) Fund establishment. The Police Pension Fund is hereby established by the Town of New Palestine. The source of money in the fund will be from payroll deductions for the employer's share and employee's share of pension benefits required by participation in the 1977 Police Officers' and Firefighters' Pension and Disability Fund and any other money appropriated by the Town Council for this fund.
(B) Use of funds. The money in the fund will be used only for transfer of money to the 1977 Police Officers' and Firefighters' Pension and Disability Fund and other lawful purposes.
(C) Non-reverting fund. This is a non-reverting fund.
(Ord. 080421, passed 8-4-2021)