95.783 Repeal of pension fund ordinance -- Disposition of funds. - Kentucky Statutes

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95.783 Repeal of pension fund ordinance -- Disposition of funds. In the event that the provisions of KRS 95.761 to 95.785 are accepted and adopted by the
legislative body of a city of the fourth class by ordinance, as herein provided, the repeal of
such ordinance shall not become effective unless adopted by the unanimous vote of the
duly elected members of such legislative body. In the event a repeal ordinance is adopted
by such legislative body, all moneys or property belonging to the policemen's and
firefighters' pension fund at the time of the repeal of the said adoption ordinance shall be
dissolved or liquidated by the board of trustees of said policemen's and firefighters'
pension fund and distributed by said board in the following manner: Within sixty (60)
days of adoption by said legislative body of said repeal ordinance, the said board of
trustees shall proceed with the liquidation of said pension fund as follows: All
unexpended moneys appropriated to said pension fund out of the said city's general fund
to the policemen's and firefighters' pension fund by the said legislative body of such city
and at the time of adoption of a repeal ordinance shall revert back to the city's general
fund. All other unexpended moneys or property which has come into the said pension
fund's hands shall be liquidated by said board of trustees in the following manner: All
unexpended moneys in the said pension fund which accumulated thereto by pick up of
employee contributions by the employer pursuant to KRS 65.155 or assessments from
policemen's and firefighters' salaries and gifts, or accumulated thereto in any manner
except appropriations from the said city's general fund, shall revert back to the active or
retired policemen and firefighters and dependents who have qualified under KRS 95.761
to 95.785 in such city. In the division to the beneficiaries, the board of said trustees shall
use in the division of said fund the per centum of the present salaries of such members.
After all disbursements have been made of said fund by the board of trustees, the said
board of trustees shall file, as their last act, a complete report of same with said legislative
body within thirty (30) days, and such report shall be kept in the office of the city clerk as
other city records. Effective: July 15, 1982
History: Amended 1982 Ky. Acts ch. 166, sec. 49, effective July 15, 1982. -- Amended 1978 Ky. Acts ch. 164, sec. 44, effective June 17, 1978. -- Created 1942 Ky. Acts
ch. 9, sec. 25.