(A)   A fund known as the Foreign Fire Insurance Fund shall be established and maintained pursuant to ILCS Ch. 65, Act 5, § 11-10-2 and any other applicable statutes.
   (B)   No expenditure shall be made from the Fund except pursuant to budgeted appropriation and resolution of the Board of Trustees.  No check shall be drawn on the fund unless it has been processed and executed according to then current City procedures.  All purchase orders, payment vouchers, and other documents evidencing a request for payment from the Fund shall be endorsed by the Treasurer of the Board of Trustees and the President, or in his absence any other member of the Board of Trustees.
   (C)   The Treasurer of the Board of Trustees shall give sufficient bond in an amount of not less than $1,000 to the City, as approved by the Mayor.
   (D)   The Fund shall be audited each year by the City's auditors at the City's expense.
(Ord. 7443, passed 3-6-90; Am. Ord. 8931, passed 4-1-14)