All moneys derived from the taxes levied hereunder and the following moneys shall be set apart by the Treasurer of this village to constitute the Police Pension Fund:
(A) A percentage as set forth by the State Department of Insurance per month shall be paid or deducted from the salary of each policeman. The State Department of Insurance changes the percentage from time to time. Therefore, a flat per cent per month rate can no longer be set forth.
(B) All moneys that may have been accumulated by this village in conformity with any previous legislation establishing a fund for the benefit of disabled or superannuated policemen.
('71 Code, Ch. 1 §§ 9-1-4 and 9-1-5) (Ord. 222, passed 10-22-63)