(A) The town’s Board of Trustees may insure property of the town as authorized by 11 O.S. §§ 23-101 et seq. and 19 O.S. § 627.
(B) Any money received as a result of destruction, damages or loss of such insured property shall be accounted for and used as provided by 19 O.S. § 627.
(Prior Code, § 2-1-7)