(A) Duty to make rules and regulations. The Foreign Fire Insurance Board shall make all needful rules and regulations with respect to the Foreign Fire Insurance Board and the management of the money to be appropriated to the Foreign Fire Insurance Fund.
(B) Duty to maintain records. The Foreign Fire Insurance Board shall develop and maintain a listing of those items that the Foreign Fire Insurance Board feels are appropriate expenditures for the maintenance, use, and benefit of the Fire Department.
(C) Use of funds. The treasurer of the Foreign Fire Insurance Board shall, upon the order of the Foreign Fire Insurance Board, pay out the moneys in the Foreign Fire Insurance Fund solely for the maintenance, use, and benefit of the Fire Department.
(D) Duties of the treasurer. The treasurer of the Foreign Fire Insurance Board, on the first Tuesday of May in each year, shall make a sworn report and statement to the Village Board of all moneys received and disbursed by him or her as the treasurer and of the balance of moneys in the Foreign Fire Insurance Fund. The books, records and accounts of the treasurer shall at all times be open to inspection and audit by the Village Board. Upon the expiration of his or her term of office, he or she shall surrender, pay and deliver to his or her successor in office, all books, records, accounts and moneys relating to his or her office.