14-10a05. Pension funds; tax levy, use of proceeds; investment.
14-10a05
14-10a05. Pension funds; tax levy, use of proceeds;
investment.
(a) The amount of money derived from taxes levied, except for an
amount to pay a portion of the principal and interest on bonds issued by
such city under the authority of K.S.A. 12-1774 and
amendments thereto, and all money received from assessments, dues and
donations for the benefit of such funds shall constitute pension trust
funds
to be known and designated, respectively, as the policemen's pension
fund and the firemen's pension fund. Such pension funds
shall
be
devoted exclusively to and for the purposes enumerated in
this section. All
moneys derived from the taxes levied and money received from other
sources as enumerated in this section shall be paid into
the
policemen's pension
fund or the firemen's pension fund, as the case may be, until the amount
in such pension fund equals the total of the actuarially determined
liabilities which are attributable to all members in active service and
to all persons who are receiving, or who are entitled to receive in the
future, pensions and other benefits from such fund. Further tax levies
shall be made only for the purpose of maintaining each pension fund at
such level.
(b) All moneys accumulated under the provisions of this act shall be
deposited by the treasurer in the same manner as other city funds,
except that the board of trustees, at their option, may invest any
of
such reserve funds in: (1) Investments authorized by K.S.A.
12-1675 and amendments thereto, in the manner prescribed therein;
(2) direct obligation bonds of the United States of America maturing, or
redeemable at par and accrued interest, within three years from date of
purchase; or
(3) bonds of any municipality in the state of Kansas, the
total bonded indebtedness of which is less than
15% of
the total assessed tangible valuation of such municipality.
Such bonds
shall mature within five years from the date of purchase.
History: L. 1945, ch. 144, § 5; L. 1976, ch. 89, § 6; L.
1977, ch. 54, § 19; L. 1979, ch. 52, § 77;
L. 1998, ch. 64, § 11; July 1.