A. Fund Established; Purpose: A Rural Fire Protection Fund is hereby established to receive the contract lease payments from the Okemah Volunteer Firefighters' Association and any rural fire defense operations grants. All receipts shall be received by the City Treasurer and deposited at regular intervals into the fund. In the event the fund is depleted, the City is under no obligation to replenish or reimburse said fund from sources other than those herein stated.
B. Special Revenue Fund Account: The fund shall be accounted for as a Special Revenue Fund type account and audited as provided for by law.
C. Authorized Use Of Funds: The fund shall be allowed to accumulate each fiscal year and all interest accumulated shall be applied to the fund. The fund will be budgeted and expended each fiscal year as all General Fund accounts through the City budget process and may also be amended as such if the need arises. The fund may be used to pay capital subject to the Fire Chief and City Manager's recommendation and the City Council's approval. Any remaining unexpended budget funds or unappropriated revenues shall be retained in the fund and allowed to accumulate for future expenditure.
D. Reporting: The City Treasurer shall prepare a monthly revenue and expenditure report of the fund for the review of the City Council. Said report shall also be made available to the Fire Chief. Said report will conform to the same rules, regulations, policies and procedures as are now in effect or as may be later adopted by the City Council. (Ord. 12-01-98, 12-7-1998)