40 ILCS 5/3-145
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 3 - Police Pension Fund - Municipalities 500,000 And Under

 (from Ch. 108 1/2, par. 3-145)Sec. 3-145. Referendum in municipalities less than 5,000.(a) This Article  shall not be effective in any  municipality having a population of less than 5,000 unless the  proposition to adopt the Article is submitted  to and approved  by the voters of the municipality in the manner herein provided.Whenever the electors of the municipality, equal in number to 5% of  the number of legal votes cast at the last preceding general municipal  election, petition the city, village or town clerk to submit the proposition  whether  that municipality shall adopt this Article, the officer to whom the  petition is addressed shall certify the proposition to the proper election  officials who shall submit the proposition in accordance  with the general election law at a regular election in the municipality  provided that notice of the referendum, if held  before July 1, 1999,  has been given in accordance with the provisions of Section  12-5  of the Election Code in effect at the time of the bond referendum, at least  10 and not more than 45 days before the date of  the election, notwithstanding the time for publication otherwise imposed by  Section 12-5.  Notices required in connection with the submission of public questions  on or after July 1, 1999 shall be as set forth in Section 12-5 of the Election  Code.  If the proposition is not adopted at  that election, it may be submitted in like manner at any regular election  thereafter. The  proposition shall be substantially in the following form:  --------------------------------------------------------------Shall the city (or village orincorporated town) of.... adopt           YESArticle 3 of the "Illinois Pension    ------------------------Code", pertaining to the creation         NOof a police pension fund?--------------------------------------------------------------  If a majority of the votes cast on the proposition  is for the proposition, this Article is adopted in that municipality.(b) For a period of 60 days after the effective date of this amendatory Act of the 96th General Assembly, if a municipality having a population of less than 5,000 has adopted this Article in accordance with the provisions of subsection (a), the municipality may elect to terminate participation under this Article if all of the following conditions are met:(1) An independent auditor certifies that the fund     created under this Article has no liabilities and there are no members or participants in the fund and no beneficiaries entitled to benefits under the fund.(2) The corporate authorities of the municipality, by     ordinance, approve the closing of the fund.If the conditions of this subsection (b) are met and the closed fund contains assets, those assets shall be transferred to the municipality for its general corporate purposes.If a municipality that terminates participation under this Article in accordance with this subsection (b) wants to reinstate the fund, then the proposition to re-adopt the Article must be submitted to and approved  by the voters of the municipality in the manner provided in subsection (a).  (Source: P.A. 96-216, eff. 8-10-09.)