A. Generally: The fire insurance board shall have the power to administer and to enter into contracts and agreements for the expenditure of monies from the foreign fire insurance account for the maintenance, use, and benefit of the fire department. All actions of the fire insurance board shall be in accordance with the standards for the foreign fire insurance account established by this section and all other requirements provided by law.
B. Foreign Fire Insurance Account: The foreign fire insurance account shall be administered in accordance with the following standards:
1. Use Of Funds: Expenditures may be made for furthering the training, safety, health, welfare, morale and recruitment of members as well as for the purchase of firefighting equipment. Any firefighting equipment purchased with monies from the account shall thereupon become the property of the village. Monies from the account shall not be used for the personal benefit of any person; or for any person's use or function not directly related to maintenance, use and benefit of the fire department. The fire insurance board, upon a majority vote, shall refuse any request for expenditure of funds from the account made by a majority of the members of the fire department if it does not meet the requirements of this code or other requirements provided by law. The fire insurance board shall not enter into any contract or agreement obligating expenditures from the foreign fire insurance account in excess of the amount of monies currently on deposit in and currently available for use from the account.
2. Designation Of Uses:
a. Meeting Required; Notice: The fire insurance board shall authorize the expenditure of money from the foreign fire insurance account only at a meeting conducted at the fire department building and open to all members of the fire department. Notice of each such meeting shall be given at least forty eight (48) hours in advance of such meeting by posting notice thereof in a prominent location at the fire department building.
b. Necessary Vote: An affirmative vote of a majority of the fire department members present at any duly noticed meeting shall be required to authorize any expenditure of money from the foreign fire insurance account by the fire insurance board.
3. Payouts: All checks or other withdrawals from the account shall be signed by the fire insurance board treasurer and fire chief.
4. Investment Of Funds: Foreign fire insurance tax monies shall be deposited only in one or more of the following: checking account, interest bearing savings account, or interest bearing time deposit of any bank insured by the banking insurance fund of the FDIC. Total deposits in any one bank may not exceed the FDIC insured limits.
5. Records:
a. The fire insurance board treasurer shall keep accurate and current records of the foreign fire insurance account, including all deposits thereto, withdrawals or disbursements therefrom, balances and the like.
b. The fire insurance board secretary shall keep accurate and current minutes of the meetings conducted by and decisions made by the officers of the fire insurance board related to the foreign fire insurance account. (Ord. 93-13, 7-26-1993)
6. Reports And Audits: The fire insurance board treasurer shall report on the expenditures and balance of the funds to the members of the board and the fire department at the monthly meeting or at any special meeting called by the fire insurance board. The treasurer shall remit a detailed list of the withdrawals, deposits, balance and a copy of the bank statement to the director of finance within forty five (45) days after the end of each month. The foreign fire insurance account shall be subject to review during the annual independent audit of village funds to be conducted after the end of each fiscal year and during any special audits of village funds that may be conducted from time to time. (Ord. 93-13, 7-26-1993; amd. 2009 Code)