(b) The safety board may draft an ordinance and submit it to the legislative body for the creation, management, and distribution of a police insurance fund or a firefighters’ insurance fund, including a provision for retaining a certain percentage of each appointee’s salary for the creation of the fund. The ordinance must prescribe the conditions of investment and who is entitled to the benefits.

[Pre-Local Government Recodification Citation: 18-1-11-11.]

As added by Acts 1981, P.L.309, SEC.52.