(A) This subchapter shall be in full force and effect from and after its passage and approval. There shall be and is hereby created a Police Pension Fund 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 ILCS Ch. 40, Act 5, §§ 3-101 through 3-149 inclusive.
(B) The City Council shall annually hereafter levy a tax upon all taxable property of the city at the rate on the dollar of all 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 resources hereinafter referred to, will equal a sufficient sum to meet the annual requirements of the Pension Fund. The 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 that year, the City Council may dispense with the levy of the tax.
(1986 Code, § 17-87) (Ord. 1986-32, passed 10-20-1986)