Arizona Laws 9-923. Contents of fund; choice of method of payment by municipality
A. The police pension fund shall consist of:
Terms Used In Arizona Laws 9-923
- Appraisal: A determination of property value.
- Board: means the police pension board. See Arizona Laws 9-911
- Department: means the police department. See Arizona Laws 9-911
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means the police pension fund. See Arizona Laws 9-911
- Governing body: means the city commission, city or town council or other governing body of the municipality. See Arizona Laws 9-911
1. Five per cent of the compensation paid to each member of the department to be deducted from each salary warrant issued in payment for the services of a member, which shall be refunded to any member who is discharged or otherwise separated from the service, with interest at the rate of two per cent per annum.
2. An equal amount to be paid by the city or town in which the pension fund is established, and not to be refunded.
3. All monies received from fines imposed upon members of the department for violation of the rules.
4. All rewards given or paid to members of the department.
5. Ten per cent of all monies received from municipal licenses or permit fees for keeping places wherein spirituous, malt, or other intoxicating liquors are sold in cities or towns within the provisions of this article.
6. Twenty-five per cent of all monies received from the licensing of pawnbrokers, second-hand dealers, junk dealers, billiard-hall keepers, pool or pigeon-hole table keepers and card-room keepers, in cities and towns within the provisions of this article.
7. Twelve and one-half per cent of all monies collected as fines for violating city or town ordinances in cities or towns within the provisions of this article.
8. Earnings upon the deposit, loan or investment of the fund.
9. Monies received from taxes levied by the state for support of the fund.
10. Contributions which shall be made to the fund by the municipality annually pursuant to the advice and as recommended by the actuary provided for in section 9-921. The governing body shall provide for the payment of the contributions from the general fund of the municipality.
B. The governing body may elect to place the percentages of annual monies received under this section into the general fund of the municipality. If the governing body so elects, then upon the basis of each actuarial determination and appraisal provided for in this article, the board shall prepare an estimate of the amounts necessary to be appropriated by the municipality to provide for the payment in full of all obligations accruing during the ensuing fiscal year. The governing body shall cause to be included annually in the budget a sum sufficient to provide for such obligations of the city or town.
C. The treasurer or other comptroller of the municipality shall pay annually from the general fund of the municipality such sums into the police pension fund as shall be determined by actuarial determination.