buildings and property. The governing board of any county, city, town, or school district, dependent or independent, is hereby authorized to insure or cause to be insured, at the cost of such municipality, any or all of the public buildings and property or other tangible and insurable assets owned or held by such municipality, in the name of the lawful treasurer of such municipality. In event of destruction or damage to such buildings or property, or loss of other tangible and insurable assets, so insured, such treasurer shall demand and receive the moneys due on account of such insurance, and when so received, he shall deposit the same as other moneys belonging to such municipality and he shall credit the same to a special account on his records and it shall be used solely to rebuild, repair, or replace the property or assets so lost, damaged, or destroyed, and shall be disbursed in payment of lawful warrants drawn by such governing board for such purpose, the same as other public funds are disbursed. If not so needed, upon resolution to that effect by the governing board, the same shall be considered income from sources other than ad valorem tax and credited to the general fund of such municipality.
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