(A) The Treasurer of the Foreign Fire insurance Board shall receive the appropriated money, deposit the monies into a separate, interest bearing account established by the Foreign Fire Insurance Board, and shall pay out the money upon the order of the Foreign Fire Insurance Board for the maintenance, use and benefit of the department as provided in the Illinois Municipal Code, ILCS Ch. 65, Act 5, § 11-10-2. The account shall be maintained, monitored and audited consistent with the procedures and controls for the village's other accounts. All interest shall be credited to the Foreign Fire Insurance Fund. The Treasurer shall provide periodic reports to the Foreign Fire Insurance Board Secretary regarding the status of the budget accounts of the Fund.
(B) The Treasurer of the Foreign Fire Insurance Board shall be custodian of the Foreign Fire Insurance Fund and shall be required to furnish bond as required by the Board and state statutes. This bond shall be approved by the Mayor, conditioned upon the faithful performance by the Treasurer of his or her duties under this subchapter and the rules and regulations provided for by state statute.
(C) The Treasurer of the Foreign Fire Insurance Board shall receive the appropriated money and shall pay out the money upon the order of the Board for the maintenance, use and benefit of the Fire Department.
(D) The Chairperson and Treasurer of the Foreign Fire Insurance Board shall approve all invoices to be paid following the same policies and controls used for payment of other Foreign Fire Insurance Board invoices. No payment shall be made, however, without an order from the Board and authorization in the annual budget approved in accordance with § 32.231.
(E) As part of the annual municipal audit, these funds shall be audited to verify that the funds have been expended by the Board only for the maintenance, use and benefit of the Fire Department.
(Ord. 2005-O-006, passed 3-1-05; Am. Ord. 2010-O-003, passed 1-26-10; Am. Ord. 2017-O-052, passed 8-15-17)