(A) The Board shall maintain the exclusive control and management of the Fund mentioned herein and of all monies donated, paid or assessed for the relief or pensioning of disabled, superannuated and retired members of the Police Department, their widows, minor children and dependent parents. All such monies shall be placed by the Treasurer of the city to the credit of the Fund subject to the order of the Board.
(B) In addition to the other powers herein granted, the following further powers and authority are hereby conferred upon the Board:
(1) To draw such pension funds for the treasury and invest such funds, or any part thereof, in interest bearing obligations pursuant to § 34.24 of this code in the name of the Board of Trustees of the Police Pension Fund. All securities shall be deposited with the Treasurer and shall be subject to the order of the Board. The interest received from any such investment shall be credited to the account of the Pension Fund.
(2) To order payments and issue certificates. To order the payment of pensions and other benefits and to issue certificates signed by its president and secretary to the beneficiaries stating the amount and purpose of the payment.
(3) To subpoena witnesses. To compel witnesses to attend and testify before it upon all matters connected with the administration of the Fund, in the manner provided by law for the taking of testimony in the circuit courts of this state. The president, or any Board member, may administer oaths to witnesses.
(4) To appoint a secretary and define the duties; provided however, that no person drawing a pension under this section shall be employed by the Board as a clerk.
(5) To provide for the payment from the Fund of all necessary expenses including the hiring of a secretary, and the payment of attorney's fees, printing and witness fees; provided that no compensation shall be paid to any member of the Board for any duty performed under this section.
(6) To make all necessary rules and regulations for its guidance in conformity with the provisions of this section.
(C) To do any and all other acts required under the provisions of ILCS Ch. 40, Act 5, §§ 3-101 through 3-149 of the "Policemen's Pension Fund-Municipalities under 500,000."
(Ord. 82-24, passed 11-23-82; Am. Ord. 02-54, passed 12-18-02; Am. Ord. 06-39, passed 1-23-07)