Alabama § 45-51A-32.27 - Funding.

§ 45-51A-32.27. Funding.

The Montgomery Firefighters Pension Fund shall consist of the following:

(1) Of all monies that may be given or donated to the fund by any person, firm, association, or corporation for the uses and purposes for which the fund is created; and the board may take by gift, grant, devise, or bequest any money, personal property, real estate or any interest therein, or any right of property for the benefit of the fund; and such gift, grant, devise, or bequest may be absolute or in fee simple or upon condition that only the rents, income, and profits arising therefrom shall be applied to the purposes for which the fund is created.

(2) Two percent shall be deducted from the compensation of each member of the fire department on each and every payroll for each and every payroll period, which shall be placed by the comptroller of the city to the credit of the Montgomery Firefighters Pension Fund.

(3) Each fire insurance company doing business in the city, annually on or before the first day of February of each year, shall pay into the Montgomery Firefighters Pension Fund, a sum equal to one-half of one percentum of the gross premiums, less returned premiums, received by such fire insurance company for and on account of business done by it in the city during the preceding year; and it shall not be lawful for such fire insurance company, or its agent, to take or receive any premium for insurance against fire within the city, unless such fire insurance company, at the time aforesaid, shall pay to the Montgomery Firefighters Pension Fund, the amount herein provided to be paid by such fire insurance company; and any such fire insurance company violating this subpart, shall forfeit to the Montgomery Firefighters Pension Fund the sum of one thousand dollars ($1,000), to be recovered against such fire insurance company so violating this subpart or its agent, by suit brought in a court of competent jurisdiction in the name of the Board of Trustees of the Montgomery Firefighters Pension Fund, and all such forfeitures and penalties shall be and become a part of the Montgomery Firefighters Pension Fund.

(4) The governing body of the city may set apart for, and pay into, the Montgomery Firefighters Pension Fund not exceeding one percentum of all revenues collected and received by the city from licenses issued by the city.