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ORDINANCE NO.�l !/ <br />AN ORDINANCE ESTABLISHING THE BOARD OF <br />TRUSTEES OF THE FIREMEN'S PENSION FUND <br />WHEREAS, the Village of Elk Grove Village has established <br />a regular Fire Department; and <br />WHEREAS, pursuant to said establishment, the Board of Fire <br />and Police Commissioners have hired firemen for the Village of <br />Elk Grove Village; and <br />WHEREAS, State law requires the establishment of a Firemen's <br />Pension Fund in such event; <br />NOW, THEREFORE, BE IT ORDAINED by the President and Board <br />of Trustees of the Village of Elk Grove Village, Counties of <br />Cook and DuPage, Illinois: <br />Section 1. That Chapter 7 of the Municipal Code of Elk <br />Grove7111-age-'Ue and is hereby amended by adding thereto the <br />following: <br />"Article RI -Board of Trustees of the Firemen's <br />Pension Fund. <br />Section 7.1101 There is hereby established a Board <br />of Trustees o q . ir,em%rnts. Pension Fund which shall <br />consist of the 1Mii(g4'We9burer, the.Village Clerk, the <br />Chief of the Fire Department, the Village Attorney, three <br />members of the regular fire department selected as <br />provided for by statute, and one recipient, if any there <br />be, the same to be selected, as provided by law. Said <br />Board shall appoint a president and secretary, establish <br />rules and regulations, and meet at regular intervals. <br />They shall have terms as provided for by law. <br />Section 7.1102 Duties. The Board of Trustees of <br />the Firemen's rension Fund shall control and manage all <br />funds belonging to or designated by law, as part of the <br />Firemen's Pension Fund, and shall administer such funds <br />and invest.same as,provided for by statute. The custodian <br />of said funds shall be the Village Treasurer who shall be <br />required to furnish bond as required by said Board and <br />State statutes made and provided. <br />Section 7.1103 On or before lst of each <br />year saia-Mar— d oorustees shall make a budgetary recom- <br />mendation to the President and Board of Trustees of the <br />Village as to the necessary appropriation and levy to be <br />made in the succeeding fiscal year so that the village may <br />fulfill its statutory commitment to the Firemen's Pension <br />Fund. Said recommendation shall be made only after <br />consulting with such citizen's advisory committees as may <br />be provided for and shall be -made on aotuarially sound <br />