1. A Board of five (5) members, a majority of whom shall be residents of the Village to be chosen as hereinafter provided, shall be and constitute a Board of Trustees to provide for the disbursement of said Fund and designate the beneficiaries thereof as herein directed, which Board shall be known as the "Board of Trustees of the Police Pension Fund of the Village of Orland Park". Two (2) of said Board shall be appointed by the Village President, one each year, and shall serve for a period of two (2) years or until such time as their successors are appointed and qualified. The third and fourth members of the Board shall be elected from the regular police force by the active members. The fifth member shall be elected from the beneficiaries by such beneficiaries. The members to be elected shall be elected for a period from the date of election until April 30 and for two (2) year terms thereafter.
2. The Board herein provided for shall hold quarterly meetings on the second Tuesday of July, October, January and April of each year and special meetings upon the call of the President of said Board. At the first meeting of said Board, it shall elect one of its members who shall act as the President of said Board for the period of one year or until such time as his successor is elected and qualified. Said Board on the same day, also shall elect another of its members as secretary and another as Vice President, both of whom shall serve for a period of one year or until such time as their successors are elected and qualified.
In addition to the other powers herein granted, the following further powers and authority are hereby conferred upon the Board:
(a). The exclusive control and management of the Fund mentioned herein and of all moneys 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 moneys shall be placed by the Treasurer of the Village to the credit of the Fund subject to the order of the Board;
(b). To draw such Pension funds from the treasury and invest such funds, or any part thereof, in the name of the Board of Trustees of the Police Pension Fund in interest bearing bonds or tax anticipation warrants of the United States or the State of Illinois, or of any county of this State or of any township or municipal corporation of the State of Illinois, and in insured shares of Federal chartered savings and loan associations if the shares are insured by the Federal Savings and Loan Insurance Corporation. All securities shall be deposited with the Treasurer of the Village 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;
(c). To appoint a clerk and define his duties provided, however, that no person drawing a pension under this Section shall be employed by the Board as a clerk;
(d). To provide for the payment from the Fund of all necessary expenses including clerk hire, attorneys' fees, printing and witness fees; provided that no compensation shall be paid to any member of the Board for any duty required or performed under this Section;
(e). To make all necessary rules and regulations for its guidance in conformity with the provisions of this Section;
(f). To do any and all other acts required under the provisions of 40 ILCS 5/3-107 et seq.