A. Establishment: There is hereby established a Firefighters' Pension Fund in and for the Village as provided by 40 Illinois Compiled Statutes, article IV.
B. Board Of Trustees Of Fund:
1. Board Established: There is hereby established a Board of Trustees to be known as the Board of Trustees of the Firefighters' Pension Fund.
2. Membership: The membership of the board shall be as provided in article IV of the Pension Code, 40 Illinois Compiled Statutes.
3. Term Of Office: Each elected member of the Board of Trustees shall hold office for a term of three (3) years and until his or her successor has been duly elected and qualified. The election of the said Trustees shall be held at such times and places as are required by law and in the manner required by law.
4. Organization; Meetings: The said board shall be organized and shall hold meetings as provided by State Statute.
5. Powers And Duties Of Board: The Board of Trustees of the fund shall have all of the powers, duties and obligations conferred or imposed upon it by the applicable State Statute.
C. Sources Of Funds: The Firefighters' Pension Fund shall consist of such taxes, accumulations, assessments and deductions as are provided for by Illinois State Statutes. (Ord. 86-13, 6-17-1986; amd. 1995 Code)