(A) Establishment of rate. Every corporation, company and association which is not incorporated under state law and which is engaged in effecting fire insurance in the village, shall pay to the Village Treasurer or to the Treasurer’s designated agent, for the maintenance, use and benefit of the fire department, a sum equal to 2% of the gross receipts received from fire insurance upon property situated within the village.
(B) Payment of fees. Every such corporation, company and association shall pay at the rate prescribed, upon the amount of all premiums which have been received during the year ending July 1, for all fire insurance effected or agreed to be effected on property situated within the village by that corporation, company or association respectively.
(C) Rendering of account. Every person who acts in the village as agent or otherwise, on behalf of a corporation, company or association, shall render to the Village Treasurer, or the Treasurer’s designated agent, on or before July 15, of each year, a full and true account, verified by oath, of all of the premiums which, during the year ending on July 1, preceding the report, or received by him or her, or by any other person, for him or her on behalf of that corporation, company or association. He or she shall specify in this report the amounts received for fire insurance, and he or she shall pay to the Village Treasurer, or the Village Treasurer’s designated agent, at the time of rendering the report, the amount as determined by the rate fixed by this chapter for which his or her corporation, company, or association is accountable under this section. The Village Clerk, or his or her designee, shall have the right to examine the books, records and other papers and documents of a designated agent, corporation, company or association for the purpose of verifying the correctness of the report of the amounts received for fire insurance.
(D) Board established.
(1) A Foreign Fire Insurance Board is hereby established. The Board shall consist of seven trustees; one of whom shall be the Fire Chief and the remaining six shall be elected at large by the sworn members of the Department from the members of the Department. The Board shall select from amongst themselves a Chairman and a Treasurer. The Board shall promulgate and adopt such rules as may be appropriate and necessary for the Board’s operations and to oversee the proper expenditure of the fees.
(2) The Board shall have the responsibilities and authority to act designated in ILCS Ch. 65, Act 5, § 11-10-2 and no other responsibility, powers or authority of any kind.
(3) The Treasurer shall provide a bond as required by ILCS Ch. 65, Act 5, § 11-10-2, and shall participate in providing all necessary information to the village’s auditors so that the Board’s accounts may be duly audited as a part of the annual municipal audit.
(E) Disbursement of funds. The Village Finance Director shall pay the sums received from the insurance companies specified in this section to the Treasurer of the Foreign Fire Insurance Board within 30 days after the funds are collected by the Village Collector or Clerk.
(Ord. 2009-O-24, passed 12-1-09)