(A) (1) Pursuant to 65 ILCS 5/11-10-1, every corporation, company, or association which is not incorporated under the laws of the state and which is engaged in effecting fire insurance in the city shall pay to the City Treasurer a sum not exceeding 2% of the gross receipts received from fire insurance upon property situated within the city.
(2) Said fees shall be computed as of July 1 of each year, and as further provided by 65 ILCS 5/11-10-1.
(3) All moneys received from this source shall be used for the benefit of the Fire Department.
(B) (1) Officers of the Board shall be elected by the employees of the Fire Department; any Fire Department employee shall be eligible for these offices.
(2) The officers shall consist of a President, a Vice President, a Treasurer, a Secretary and the Fire Chief. These shall be three-year terms starting May 1, 2007.
(C) Any fees for necessary bonds or audits shall be paid from the fund.
(D) All decisions to make purchase from the Fund shall be done so by a majority vote of the Board.
The Board President or the Fire Chief shall submit an annual report to the City Council by January 31 each year.
(Prior Code, § 35.07) (Ord. 60-1, passed 12-19-1960; Ord. 70-5, passed 3-2-1970; Ord. 04-05, passed 4-5-2004; Ord. 07-02, passed 2-5-2007)