A. Definition: "Policeman" as used in this Section means any person appointed and sworn or designated by law as a policeman of the City and who has served or is serving or shall serve in the regularly constituted Police Department of the City as a policeman, police supervisor or police officer.
B. Fund Established: There is hereby established a Police Pension Fund under and in accordance with the provisions of an act of the Legislature of the State of Illinois entitled, "Policemen's Pension Fund-Municipalities 500,00 and Under" Illinois Revised Statutes, chapter 1081/2, paragraphs 3-101 et seq.
C. Purpose: Said Police Pension Fund is hereby created in and for the City for the purpose of providing pensions for members of the Police Department of the City under the terms and regulations hereinafter set forth, and not to be in conflict with the provisions set down in chapter 1081/2, paragraphs 3-101 through 3-149 inclusive of the Illinois Revised Statutes.
D. Tax Levied for Fund: 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 which when added to the deductions from the salaries or wages of policemen 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 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 in any year, over and above the reserve fund, is sufficient to meet all demands of those requiring payment therefrom in such year, the City Council may dispense with the levy of such tax.
All such monies derived from the taxes levied hereunder and the monies provided by Section 2-4-4 of this Code shall be set apart by the City Treasurer to constitute the Police Pension Fund.
E. Applicability of Provisions, Eligibility for Benefits:
1. This Section is applicable to all policemen of the City who meet the qualifications set forth in article 3, chapter 1081/2 of the "Policemen's Pension Fund-Municipalities 500,000 and Under", Illinois Revised Statutes.
2. All policemen and widows or dependents are eligible for pension benefits from the Fund who qualify under paragraphs 3-107, 3-108, 3-113, 3-118 and 3-119 of chapter 1081/2 of "Policemen's Pension Fund-Municipalities 500,000 and Under", Illinois Revised Statutes. (Ord. 1974-1, eff. 1-1-74)
Notes
| 1 | 1. See Title 2, Chapter 4 of this Code for Board of Trustees of Police Pension Fund. |