A. All funds received by the foreign fire insurance board from foreign fire insurance gross receipts tax shall be deposited in a special separate account.
B. No expenditure shall be made from the restricted account without the approval of the board.
C. All checks drawn on the restricted account shall be processed and executed according to the current board rules and regulations.
D. The treasurer of the board shall give sufficient bond to the city which shall be approved by the city manager.
E. The board's funds shall be audited to verify that they have been expended by the board only for the maintenance, use, and benefit of the department. (Ord. 2016-25)