The City Council shall annually hereafter levy a tax upon all taxable property of the city at the rate on the dollar of all such taxable property which will produce an amount that, when added to the deductions from the salaries or wages of police officers and receipts available from all other sources, will equal a sufficient sum to meet the annual requirements of the Pension Fund. Such tax shall be levied and collected in like manner with general taxes of the city and shall be in addition to all other taxes now or hereafter authorized to be levied upon all property within the city. In the event that the Pension Fund, over and above the reserve fund, is sufficient to meet all demands of those requiring payment therefrom in any year, then the Council may dispense with the levy of such tax.
(Ord. 82-24, passed 11-23-82; Am. Ord. 02-54, passed 12-18-02; Am. Ord. 06-39, passed 1-23-07)