The Board of Trustees shall annually hereafter levy a tax upon all taxable property of the Village at the rate on the dollar of all such taxable property which will produce an amount which when added to the deductions from the salaries or wages of police officers and receipts available from all other sources as hereinafter referred to, 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 Village and shall be in addition to all other taxes now or hereafter authorized to be levied upon all property within the Village. In the event that the Pension Fund in any year, over and above the reserve fund, is sufficient to meet all demands of those requiring payment therefrom in such year, the Board of Trustees may dispense with the levy of such tax.
All moneys derived from the taxes levied hereunder and the following moneys shall be set apart by the Treasurer of the Village to constitute the Police Pension Fund.