The city council shall annually levy a tax upon all the taxable property of the city at the rate on the dollar which will produce an amount which, when added to the deductions from the salaries or wages of police officers, and revenues available from other sources, will equal a sum sufficient to meet the annual requirements of the police pension fund. The annual requirements to be provided by such tax levy are equal to: (1) the normal cost of the pension fund for the year involved; plus (2) the amount necessary to amortize the fund’ s unfunded accrued liability as provided in Section 3-127 of the Act. The tax shall be levied and collected in the same manner as the general taxes of the city, and in addition to all other taxes now or hereafter authorized to be levied upon all property within the city, and shall be in addition to the amount authorized to be levied for general purposes as provided in Section 8-3-1 of the Illinois Municipal Code, as amended, (Ill. Rev. Stat., Ch. 24, Para. 8-3-1).

    The police pension fund shall consist of the following monies which shall be set apart by the city treasurer and earmarked for the police pension fund:

    A.    All moneys derived from the taxes levied hereunder;

    B.    Contributions by police officers under Section 3-125.1 of the Act;

    C.    All moneys accumulated by the city under any previous legislation establishing a fund for the benefit of disabled or retired police officers; and

    D.    Donations, gifts or other transfers authorized by this chapter and the Act. (Ord. 867 § 14, 1990)