(A) Creation. There is hereby created and established a Police Pension Fund in the city, in accordance with ILCS Ch. 40, Act 5, §§ 3-101 et seq. (Article 3 of the Illinois Pension Code).
(B) Definitions. For the purposes of this section, the term “police” and “Board” or “Board of Trustees” are defined respectively, as full-time police officers or full-time police officers entitled to participate in the benefits of said pension fund as provided by Article 3 of the Illinois Pension Code and the Board of Trustees of said pension fund.
(C) Powers and duties. The rights , powers, duties and functions of said Board and members thereof, as such, and the rights and benefits of the various beneficiaries of the pension fund shall be and are hereby declared to be in accordance with the law and particularity of Article 3 of the Illinois Pension Code and all amendments thereof. Members of said Board shall serve without compensation.
(D) Fund monies. All monies and securities belonging to said fund shall be held by the Municipal Treasurer subject to the order of the Board of Trustees. An annual lists of beneficiaries and report of funds shall be made as required by law.
(Ord. O-2001-14, passed 12-3-01)