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EPFD 2% Fund

EPFD 2% Fund

What is the Foreign Fire Fund?

The Illinois Foreign Fire Insurance Fund is distributed by the state of Illinois Muncipal League. The Municipal League collects insurance taxes from companies outside of the State of Illinois. Those funds are distributed to fire departments across the state to provide for the needs of the departments as the department sees fit to compensate for what is not provided by the municipality.

It is required by the state of Illinois' Open Meeting Act to post agenda's and minutes on a website, if one is maintained.


East Peoria Fire Department 2% Fund By-laws
Revised Dec. 1, 2015

ARTICLE I

NAME

The name of this organization shall be the EAST PEORIA FIRE DEPARTMENT 2% FUND.


ARTICLE II

PURPOSES AND POWERS

The purpose of this organization shall be the general management of the affairs, funds, records, and expenditures of the fund known as the 2% Foreign Fire Insurance Tax paid to the City of East Peoria, Illinois in accordance with the Ordinance #2959 passed by the council of the City of East Peoria, Illinois and according to the State Law.


ARTICLE III

MEMBERSHIP AND OFFICERS

The membership of this organization shall consist of a seven member Board, comprised of full-time members of the East Peoria Fire Department, one appointed trustee and six elected trustees.  The East Peoria City Administrator shall appoint one member of the East Peoria Fire Department as Trustee of the Board.  The members of the East Peoria Fire Department belonging to the bargaining unit, known as East Peoria Firefighter’s Local 1498, shall elect six Trustees of the Board by secret ballot in an election held on the first Monday in November of even numbered years.  Trustee’s so elected shall serve two year terms beginning January 1 following the election.  Three of these members so elected to serve as trustees shall be elected by the Board by a simple majority vote, at the first meeting to occur in the new term commencing on or after January 1 following the election, to the offices of Chairman, Treasurer and Secretary and shall serve in these positions until the termination of their two year term.  The Board, at their discretion, may also appoint a Vice-Chairman to serve in such role during the duration of their term.

 

ARTICLE IV

DUTIES OF OFFICERS

CHAIRMAN.  The Chairman shall:

  1. Coordinate with the Treasurer, Secretary and Vice-Chairman (if so appointed) to   establish any rules and regulations pertaining to the 2% Fund.
  2. Preside at all meetings of the 2% Fund.
  3. Coordinate with the Treasurer, Secretary and Vice-Chairman (if so appointed) to develop and maintain a list of items the Board determines to be appropriate expenditures.
  4. To countersign checks and any other papers and documents as may require his or her         signature, and in general, perform all duties incidental to the Office of Chairman.

VICE-CHAIRMAN.  The Vice-Chairman (if so appointed) shall:

  1. Coordinate with the Chairman, Treasurer and Secretary to establish any rules and regulations pertaining to the 2% Fund.
  2. To preside at all meetings of the 2% Fund in the absence of the Chairman.
  3. Coordinate with the Chairman, Treasurer and Secretary to develop and maintain a list of items the Board determines to be appropriate expenditures.

TREASURER.  The Treasurer shall:

  1. Coordinate with the Chairman, Secretary and Vice-Chairman (if so appointed) to establish any rules and regulations pertaining to the 2% Fund.
  2. Have charge and custody of all funds collected by the City of East Peoria from the Foreign Fire Insurance Tax Revenues as described in Section 11-10-1 of the Illinois Municipal Code.
  3. Coordinate with the Chairman, Secretary and Vice-Chairman (if so appointed) to develop and maintain a list of items the Board determines to be appropriate expenditures.
  4. Deposit all monies in the name of the City of East Peoria Fire Department in interest-bearing savings, certificates of deposit, interest bearing time deposits or any other investments defined by the Illinois Banking Act or the Public Funds Investment Act.
  5. Maintain financial books and records of the Board.
  6. Give a sufficient bond to the City of East Peoria that is approved by the Mayor and conditioned upon the faithful performance by the Treasurer under the City ordinances and the rules and regulations provided for in the Illinois Municipal Code.
  7. Receive the Foreign Fire Insurance Company Fees and pay out money upon order of the Foreign Fire Insurance Board for the maintenance, use and benefit of the Department.
  8. In general, perform all duties incidental to the Office of Treasurer.

SECRETARY.  The Secretary shall:

  1. Coordinate with the Chairman, Treasurer and Vice-Chairman (if so appointed) to establish any rules and regulations pertaining to the 2% Fund.
  2. Coordinate with the Chairman, Treasurer and Vice-Chairman (if so appointed) to develop and maintain a list of items the Board determines to be appropriate expenditures.
  3. Keep and distribute minutes of the Board to all Board trustees and the City Clerk.
  4. Make all prescribed postings of the Board.
  5. In general, perform all duties incidental to the Office of Secretary.


ARTICLE V

BUDGET

The Foreign Fire Insurance Board shall approve a yearly budget upon an affirmative vote of at least four trustees by March of each year.  The budget shall be a detailed description of prioritized items in the upcoming fiscal year (May 1-April 30). The Chairman, Treasurer and Secretary shall develop and maintain a list of items in the order of their Board-determined priority, together with an estimated cost and procurement date that shall be posted in a prominent place within the Department.  All items will be purchased, whenever possible, in the order of the priority list.  Funds shall be expended for the maintenance, use and benefit of the East Peoria Fire Department.

Budget Amendments – The Foreign Fire Insurance Board budget may be amended at any time upon an affirmative vote of at least four trustees on the Board.

Accumulation of Funds – The Board shall not accumulate funds in excess of $50,000 unless it is for a specific capital expenditure in the budget.

The Foreign Fire Insurance Board will retain a minimum of 10% of the total amount of the sums received on a annual basis as a result of the Foreign Fire Insurance Tax revenues for the purpose of maintaining a balance and a saving factor for the Fund.

 

ARTICLE VI

ANNUAL AUDIT

The Board shall provide to the East Peoria City Council an annual audit of the financial affairs of the Board to be made by the East Peoria City Treasurer at the end of each fiscal year.  In the even the City Treasurer shall select an outside firm to perform the annual audit, any expense shall be paid from the foreign fire insurance tax revenues.

 

ARTICLE VII

VACANCIES

In the event of a vacancy on the Board from an elected position it shall be the duty of the Board to elect a member of the East Peoria Fire Department belonging to the bargaining unit to complete the term from the vacancy.  In the event of a vacancy on the Board from an appointed position, it shall be the duty of the City or City Administrator to appoint a member of the East Peoria Fire Department to the Trustee of the Board.  If a vacancy occurs in one of the Officer Positions of the Board (Chairman, Treasurer or Secretary) it shall be the duty of the Board to elect one member of the Board to complete the unfulfilled term upon an affirmative vote by at least four trustees of the Board.

 

ARTICLE VIII

MEETINGS

The calling of official meetings of the 2% Foreign Fire Insurance Tax Board shall be made by the Chairman or Vice-Chairman if one is so appointed, ideally at the conclusion of each previous meeting if suitable date and time can be determined.   If, at the conclusion of an official meeting of the 2% Foreign Fire Insurance Tax Board, a suitable date and time cannot be determined, future meetings may be requested by any member of the Board with a minimum of 24 hours notice prior to any official meeting posting to determine availability of members and to establish a suitable date and time.  All reasonable efforts will be made to ensure that the appointed trustee or his/her designee and the Chairman of the Board or his/her designee are available prior to scheduling meetings.  Meetings will not be scheduled at dates and times when it is known in advance that a quorum will not be present as defined in Article IX. Regularly scheduled meetings already in session may continue if the previously stated membership requirements are not met but no voting shall take place.  Board members may participate in regularly scheduled meetings by electronic means (telephone or video conference) if they are unable to be physically present during the scheduled meeting time and may participate and vote as if they were physically present.

 

ARTICLE IX

VOTING AND QUORUMS

A quorum of the 2% Foreign Fire Insurance Tax Board shall consist of a minimum of five members that shall include the appointed trustee or his/her designee and either the Chairman or his/her designee or Vice-Chairman if one is so appointed.  Expenditures of the 2% Foreign Fire Insurance Tax Fund will not be voted on if quorum requirements are not met.  Pursuant to Article VIII, meetings already in session may continue if the quorum requirement is not met but no voting shall take place.  A member participating in a regularly scheduled meeting by electronic means is permitted to vote.  All expenditures shall be determined by a simple majority vote of the members of the 2% Foreign Fire Insurance Tax Board.  Expenditures of any kind by the Board will not be voted on outside of a regularly scheduled meeting of the 2% Foreign Fire Insurance Tax Board.



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East Peoria Historical Society Annual Fundraiser

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Copyright © 2017 City of East Peoria, IL. The City of East Peoria Fiscal Year 2014-2015. Disclosure as required under Section 7.3
of the Illinois Open Meetings Act(P.A. 97-609; effective Jan. 1, 2012) is posted at City Hall for review.
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