(a) The Board shall consist of seven trustees; the Fire Chief, who shall hold office by virtue of rank, and six members, who shall be elected at large by the sworn members of the Department. If there is an insufficient number of candidates to fill all these positions, the number of Board members may be reduced, but not to fewer than three trustees. All sworn members of the Department shall be eligible to be elected as officers of the Foreign Fire Insurance Board. The members of this Board shall annually elect officers. These officers shall be a chairman, a treasurer, and any other officers deemed necessary by the Board.
(b) The members of the Board shall make all needful rules and regulations with respect to the Foreign Fire Insurance Board and the management of the funds to be paid to the Board. In particular, the Board:
(1) May establish, manage, and maintain an account for the holding and expenditure of all funds paid to the Board.
(2) May contract for the purchase of goods and services using funds paid to the Board. Contracting for services includes, but is not limited to, the procurement and payment of all accounting, legal, collection, or other professional services deemed by the Board to be necessary to the execution of its duties under this division using funds paid to the Board.
(3) May sue all parties necessary to enforce its rights under this section.
(4) Shall develop and maintain a listing of those items that the Board feels are appropriate expenditures under this Act. The treasurer shall receive the funds paid as provided in Section 288.01 and shall pay out the funds upon the order of the foreign fire insurance board for the maintenance, use, and benefit of the department or as otherwise permitted by this division. These funds shall be audited to verify that the funds have been expended by that Board only for the maintenance, use, and benefit of the Department using funds paid to the Board. Contracting for services includes, but is not limited to, the procurement and payment of all accounting, legal, collection, or other professional services deemed by the Board to be necessary to the execution of its duties under this division using funds paid to the Board.
(c) Disputes between a Fire Chief and the remaining members of a Foreign Fire Insurance Board concerning whether any expenditure of funds by the Board is for the maintenance, use, or benefit of the Department or for any other purpose authorized by this Division shall be resolved through binding arbitration, pursuant to a written arbitration agreement established by the Foreign Fire Insurance Board, that is recognized under the Uniform Arbitration Act. Arbitrations held pursuant to a written arbitration agreement are the exclusive remedy available for resolving such disputes.
(Ord. 1822. Passed 10-23-23.)