The foreign fire insurance board shall administer the foreign fire insurance fund in accordance with the following rules and regulations.
(a) Fund account. All money in the foreign fire insurance fund shall be kept in a fully insured or collateralized interest bearing account in a bank or savings and loan located within the village, designated by village ordinance as an approved depository of village funds, and meeting the standards of the Public Funds Investment Act, 30 ILCS 235/0.01 et seq., for deposit of public funds.
(b) Restrictions on use of fund.
(1) Money from the foreign fire insurance fund may be used for the following purposes and no others:
A. Maintenance of existing public safety department firefighting equipment; and
B. Purchase of equipment for firefighting purposes. All such equipment shall be purchased in the name of the village public safety department and shall become the property of the village.
(2) No such money shall be used for the personal benefit of any person; for any person, use or function not directly related to the public safety department; for food or beverages; or for any recreational or entertainment activity.
(c) Designation of uses.
(1) List of appropriate expenditures. The foreign fire insurance board shall develop and maintain a list of those items that the board determines to be appropriate expenditures under § 11-10-2 of the Illinois Municipal Code, 65 ILCS 5/11-10-2 and this article II. The foreign fire insurance board shall update this list at least once each year no later than December 1 of each year. The list shall be a public document.
(2) Annual hearing; notice. The foreign fire insurance board shall authorize use of money from the foreign fire insurance fund by written resolution setting forth with particularity the items on which funds may be expended and the amounts approved for expenditure. Such resolution shall be adopted after an annual public hearing conducted no later than December 1 of each year, at the village hall, which public hearing shall be noticed and conducted in accordance with the Illinois Open Meetings Act, 5 ILCS 120/1 et seq.
(3) Recommended uses. Not less than 30 days prior to the date of the aforesaid public hearing, the foreign fire insurance board shall submit to the village president and board of trustees and make available to the general public a list of items recommended for approval and funding from the foreign fire insurance fund.
(4) Necessary vote. An affirmative vote of at least a majority of the members of the foreign fire insurance board shall be required to authorize any use of money from the foreign fire insurance fund.
(d) Fund pay outs. The treasurer of the foreign fire insurance board shall pay out money from the foreign fire insurance fund only upon the written order of the foreign fire insurance board and only for maintenance work or purchases authorized by resolution of the foreign fire insurance board pursuant to subsection 19-11(c) of this section. The signatures of both the treasurer and either the chairperson or vice chairperson of the foreign fire insurance board shall be required on any check, draft or other order drawn on the accounts of the foreign fire insurance fund.
(e) Limitation on debt and expenditures. The foreign fire insurance board shall not be permitted to incur debt or to enter into any contract or agreement for maintenance of existing equipment or for new equipment in excess of the unencumbered funds currently on deposit in, and authorized for expenditure from, the foreign fire insurance fund at the time of execution of such contract or agreement.
(f) Fund records; meeting minutes. The treasurer of the foreign fire insurance board shall keep accurate and current records of the foreign fire insurance fund and all accounts maintained thereunder, including all deposits thereto, withdrawals and disbursements therefrom, balances and the like. The secretary of the foreign fire insurance board shall keep accurate and current minutes of all meetings conducted by the foreign fire insurance board, including, but not limited to, the annual public hearing.
(g) Annual report. The foreign fire insurance board shall, on or before no later than 30 days after the completion of the Village’s fiscal year, make and file with the village clerk an annual report of the activities of the foreign fire insurance board during the Village’s prior fiscal year, including a full and detailed account of all receipts and disbursements made from the foreign fire insurance fund during the village’s fiscal year ended immediately prior to the filling of such report. The foreign fire insurance fund and all records relating thereto shall be subject to and part of the annual audit of the village.
(Ord. No. 2010-11-3269; Ord. No. 2020-03-3469)