Tesch v. Board of Deposits

In 1921 an act of the legislature (ch. 589, Laws of 1921) created an annuity and benefit fund for Milwaukee policemen, their wives and children. That act established the plaintiff board and provided: That certain amounts specified be deducted from the pay of the policemen; that an assessment be levied by Milwaukee at a rate not to exceed five tenths of a mill on the dollar; and that the money resulting be invested and paid out under specified terms and conditions. Par. 8 of sec. 1, ch. 589, Laws of 1921, provides that the city treasurer is to be custodian of the annuity and benefit fund and…