(a)   The Firemen’s Relief Association of the City of Peabody shall be composed of the members of the Fire Department of the city. The officers of said Association shall consist of a president, vice president, secretary and treasurer.

(b)   The treasurer of the Firemen’s Relief Fund shall receive from the Commissioner of Insurance all moneys belonging to the Firemen’s Relief Fund and deposit the same to the credit of the Peabody Firemen’s Relief Fund. Said fund shall be held in Trust and used as a fund for the relief of members of the Fire Department of the city as provided by law. No part of the said fund shall be paid out except upon orders of the Peabody Firemen’s Relief Association.

(Ord. 07-2021)

The Firemen’s Relief Association as defined in Section 4 201 shall have supervision of the disbursements of the Firemen’s Relief Fund for the purposes hereinafter provided; and shall also have supervision of the investment of such fund as hereinafter provided. The treasurer of the Firemen’s Relief Fund shall pay out the same only on warrants issued by said Association, which warrants shall be signed by the president, countersigned by the secretary and shall bear the seal of the Association. The treasurer shall keep an accurate and detailed account of all warrants drawn on said fund, and the purposes for which same are drawn, and shall make a quarterly report to the Relief Association and to the Governing Body as to the condition of said fund: Provided, That in all cases involving expenditures of payments in an amount of Five Hundred Dollars ($500.00) or more prior certification shall be obtained from the City Attorney that such expenditure or payment complies with the requirements of law.

(Ord. 07-2021)

The treasurer of the Firemen’s Relief Association shall give bond for the safekeeping of the Firemen’s Relief Fund and for the faithful performance of his duty in such sum with such sureties as may be approved by the Governing Body. The treasurer shall, on behalf of the Relief Association, on or before the first day of March of each year, submit to the Commissioner of Insurance a verified account showing in full the receipts and disbursements and general condition of its funds for the year ending on the preceding December 31.

(Ord. 07-2021)

The Firemen’s Relief Association if hereby authorized to disburse the Firemen’s Relief Fund for the following purposes and no other:

(a)   For the relief of any member of the Fire Department when injured or physically disabled in or by reason of the discharge of his duties as such.

(b)   For the relief of or the payment of gratuities to the widow or those dependent upon any member of such Fire Department who may be killed in the discharge of his duties as fireman, or who may die from the effect of injuries so received or disease contracted by reason of his duties as such.

(c)   For the payment of the necessary funeral expenses of any member of the Fire Department when killed in the discharge of his duties as fireman, or in case of death resulting from the injuries so received or disease contracted by reason of his duties as such.

(d)   For the purchase of insurance which would provide for any or all of the foregoing purposes for which such fund is authorized to be expended.

(Ord. 07-2021)

The Firemen’s Relief Association, through its officers, may invest any amount, not to exceed ninety per cent (90%) of all such relief fund, in purchasing bonds of the city: Provided, that when such bonds are not obtainable, United States government bonds may be purchased or any municipal bonds of this state: Provided further. That such relief fund shall not be invested in any such bonds where the bonded indebtedness of any municipality shall exceed fifteen per cent (15%) of its total assessed valuation, as shown by the last assessment preceding such investment. Such investment must be approved by the Governing Body. It shall be the duty of the City Attorney to examine all such bonds as to their validity and report thereon in writing to the Governing Body and the Firemen’s Relief Association, and no bonds shall be purchased by said Firemen’s Relief Association until they have been approved and found valid by the City Attorney.

(Ord. 07-2021)

The Firemen’s Relief Association is hereby authorized to loan part or all of such funds to the City of Peabody, to be used by such city in the improvement of its Fire Department and equipment thereof, and said city is hereby authorized to borrow the same and issue to the treasurer of said Firemen’s Relief Association its warrant therefor bearing interest payable semiannually at a rate not to exceed six per cent (6%) per annum.

(Ord. 07-2021)