A. The Foreign Fire Insurance Board shall oversee, maintain and manage the Western Springs Foreign Fire Insurance Tax Fund.
B. The Foreign Fire Insurance Board shall develop and maintain a listing of those goods, services and items that it feels are appropriate expenditures under the Foreign Fire Insurance License Fee Act, in that they are for the maintenance, use and benefit of the Western Springs Department of Fire and Emergency Medical Services.
C. The Foreign Fire Insurance Board may contract for the purchase of goods and services using Foreign Fire Insurance Tax funds paid to the Board. Contracting for services may include, 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 the Foreign Fire Insurance License Fee Act.
D. The Foreign Fire Insurance 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.
E. All monies shall be deposited in accordance with State law on investing public funds in an interest bearing account at a local FDIC insured depository selected by the Treasurer and qualified for the deposit of public funds under State law.
F. All monies collected from fire insurance companies pursuant to 65 ILCS 5/11-10 shall be paid to the Foreign Fire Insurance Board Treasurer and deposited into the Foreign Fire Insurance Tax Fund as established above. Such monies may be used only upon order of the Foreign Fire Insurance Board for the maintenance, use and benefit of the Department. These funds shall be audited on an annual basis 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. (Ord. 23-3132, 4-24-2023)