(1) The policemen's and firefighters' pension fund created pursuant to KRS 95.622 shall consist of:
(a) Revenues of the city authorized by the city legislative body, which shall be not less than the amount contributed by the members of the police and fire departments. Policemen and firefighters shall contribute the same rate as Social Security from their salary; and (b) All rewards, fees, gifts and emoluments paid or given on account of extraordinary service of any member of the police or fire department.
(2) Both the principal and interest of the pension fund shall be applicable to the payment of pensions governed by the provisions of KRS 95.621 to 95.629.