§ 3.14. Firemen's Pension Fund.

(a)

Definitions. For the purposes of this Section the terms "Fireman" or "Firemen" and "board" or "Board of Trustees" are defined, respectively, as Fireman or Firemen entitled to participate in the benefits of the pension fund as provided by Article 4, Chapter 108 ½ of the Illinois Revised Statutes and the Board of Trustees of the Pension Fund.

(b)

Established. There is hereby established a Firemen's pension fund in and for the City in accordance with Article 4, Chapter 108 ½ of the Illinois Revised Statutes.

(c)

Source of Fund. There shall be set apart by the City and the City Treasurer beginning as of November 15, 1955, the following moneys to constitute the Firemen's pension fund to-wit:

1.

All fines imposed and received by the City for violations of this code relative to fire and other fire ordinances of the City, the enforcement or collection of which may be charged to and shall be under the supervision of the chief officer or subordinate officers of the Fire Department of the City.

2.

All rewards in moneys, fees, gifts and emoluments that may be paid or given to the City or the Fire Department for or on account of extraordinary services by the Fire Department or any member thereof, except when such moneys, fees, gifts or emoluments shall be allowed to be retained by the members of the department for competition awards.

3.

All gifts, grants, devises or bequests of money, real estate, personal property or other valuable thing received by the Board of Trustees of the Pension Fund, which Board of Trustees shall be empowered to receive and dispose of pursuant to statute.

4.

All fines and penalties imposed upon Firemen of the City in the performance of their duties as Firemen.

5.

Five percent of the salary of each Fireman of the City, which shall be deducted and withheld from the monthly pay or fees of such Fireman and placed by the City Treasurer to the credit of the pension board.

6.

Five percent of an amount equal to the monthly salary or wages or fees of each retired Fireman of the City attached to his rank at the time of his retirement after twenty (20) years' service under the provisions of Article 4, Chapter 108 ½ of the Illinois Revised Statutes, which shall be paid monthly by such retired Firemen to the City Treasurer, as ex officio Treasurer of the pension board, from the time of such Fireman's retirement until he shall have reached the age of fifty (50) years. Such payments may be deducted from the pension of such Fireman, provided however that such contributions shall not be required of a retired Fireman who retired after July 1, 1963.

(d)

Additional Revenue. There shall be levied annually, a tax upon all the taxable property of the City in such amount as shall be necessary when added to the receipts available from all other sources, hereinabove mentioned, to meet the annual requirements of the Firemen's pension funds; provided that such tax shall not be in excess of an amount which may be realized from the application of the maximum rate therefor provided by law; provided further that no tax shall be levied for any year in which the amount in the Firemen's pension fund over and above the reserve fund shall be sufficient to meet all proper demands for such year upon the Firemen's pension fund.

(e)

Reserve Fund. A reserve fund to insure the payment of all obligations of the Firemen's pension fund shall be established and maintained in the amount of fifty thousand dollars ($50,000).