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E. The Board may adopt rules and regulations governing the election of officers of the <br /> Board. All rules and regulations with respect to the election process shall be posted throughout <br /> the Department a minimum of thirty(30)days prior to the election. <br /> 5. FUND ESTABLISHED. <br /> A. All funds received by the City from the foreign fire insurance gross receipts tax shall �I <br /> be appropriated annually by the City, and paid,to the Board. <br /> B. The Board Treasurer shall receive the appropriated money and shall pay out the same I <br /> upon the order of the Board for the maintenance, use and benefit of the Department. I� <br /> C. No expenditure shall be made from said funds by the Treasurer without the majority <br /> approval of the Board. <br /> D. The Board Treasurer shall give sufficient bond to the City of Decatur, Illinois. This <br /> bond shall be approved by the Mayor. <br /> E. The funds paid to the Board by the City, as herein described, shall be included in the <br /> annual audit of City funds to verify that the same are used for the maintenance,use and benefit <br /> of the Department. The Board shall reimburse the City for the cost of the audit of said funds. <br /> 6. OFFICERS,QUORUM, SPECIAL MEETINGS. <br /> A. The Board shall, in accordance with the Open Meetings Act, establish a regular time <br /> and place for its meetings. The Chairman shall preside at the meetings. The Secretary shall keep <br /> a record of all resolutions,proceedings, minutes and actions of the Board and these records shall <br /> be open to the public. <br /> B. Three (3) members of the Board shall constitute a quorum for the transaction of its <br /> business. The affirmative vote of three (3)members of the Board shall constitute approval of <br /> business before it. <br />