(A) For the purpose of administering the use of tax funds paid to the fire department pursuant to this chapter, a foreign fire insurance tax board is hereby created. The foreign fire insurance tax board shall consist of seven (7) trustees; the fire chief, who shall hold office by virtue of rank, and six (6) members, who shall be elected at large by the sworn members of the village of Riverside fire department. All sworn members of the department shall be eligible to vote for and be elected as officers of the foreign fire insurance tax board.
(B) Elections of the trustees of the foreign fire insurance tax board shall be held in May of odd numbered years. The trustees of the foreign fire insurance tax board shall serve two (2) year terms. Trustees shall serve for their designated terms and until their successors have been elected and qualified for office. Any vacancy that may occur shall be filled for the balance of the unexpired term by appointment of the president of the foreign fire insurance tax board or, in the event that the office of president is vacant, by the vote of the majority of the sitting members.
(C) The officers of the foreign fire insurance tax board shall consist of a chairperson and a treasurer, who shall be elected every two (2) years by the trustees, and shall take office June 1 and shall serve for two (2) years, up to and including May 31 of the second year. The elections of the trustees and the officers of the foreign fire insurance tax board shall be held in accordance with the guidelines and procedures established by the foreign fire insurance tax board.
(D) The officers of the foreign fire insurance tax board shall develop and maintain listings of those items that the board feels are appropriate expenditures under the act. Expenditures of foreign fire insurance tax board funds shall be included within the annual budget of the village as part of the fire protection fund, and shall comply with the village purchasing and bidding requirements as set forth in this code. The treasurer of the foreign fire insurance tax board shall provide the village treasurer with a monthly accounting of receipts and expenditures of the fund. (Ord. 2872, 4-16-2015)