(A) All members of the Department shall elect not less than three members of the Department to serve as a Foreign Fire Insurance Board. The members of the Foreign Fire Insurance Board shall be solely responsible for determining the expenditures from moneys received by the City Treasurer from foreign fire insurance company fees.
(B) The Foreign Fire Insurance Board, upon its election, may either appoint a treasurer or authorize the City Treasurer to manage the money to be appropriated to the Board.
(C) The officers of the Foreign Fire Insurance Board shall develop and maintain a listing of those items that the Board feels are appropriate expenditures pursuant to law. All moneys paid to the City Treasurer shall be set apart and be appropriated annually by the corporate authorities to the Department Foreign Fire Insurance Board. Should a Treasurer of the Board be appointed, said Board shall give a sufficient bond to the municipality in which the Fire Department is organized. Said bond shall be approved by the Mayor conditioned upon the faithful performance by the Treasurer of his or her duties under this section. The Treasurer of the Foreign Fire Insurance Board shall receive the appropriated money and shall pay out the money upon the order of the Department Foreign Fire Insurance Board for the maintenance, use and benefit of the Department.
(D) As a part of the annual municipal audit, all funds of the Fire Department Foreign Fire Insurance Board shall be audited to verify that all purchases are for the maintenance, use and benefit of said Fire Department.
(1994 Code, § 34.10) (Ord. 03-03, passed 4-28-2003)