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(A) A Firefighting Equipment Cumulative Fund is hereby established for the purpose of purchasing firefighting equipment for the volunteer fire companies of the city. The tax rate for the Fund shall be in the amount per $100 of assessed valuation of property in the city as is established by ordinance from time to time.
(B) The funds collected from any tax levy shall be deposited in qualified public depositories and shall be used only for the purpose of purchasing new firefighting equipment. The funds as collected shall be segregated into six equal and separate accounts, one account for each volunteer fire company. No expenditures shall be made from said funds until an appropriation there for has been made in the manner provided for by law and in no event shall any fire company receive more money than the amount set aside in its own individual account.
(Ord. 1978-26, passed 8-1-78)