Synopsis As Introduced Amends the Illinois Municipal Code. Provides that a department foreign fire insurance board shall be created within the fire department of all municipalities (rather than municipalities with fewer than 500,000 inhabitants) that have an organized fire department. Effective immediately.
Senate Committee Amendment No. 4 Replaces everything after the enacting clause. Amends the Illinois Municipal Code. Provides that a department foreign fire insurance board is created within the Chicago Fire Department. Provides for the composition and terms of trustees of the board, including the initial election of the board on or before January 1, 2019. Provides that within 30 days after receipt of foreign fire insurance proceeds by the municipality, the municipality shall transfer the proceeds to the department foreign fire insurance board by depositing the proceeds into an account determined by the board. Designates how fire insurance proceeds may and may not be used. Effective immediately.