(1) Whenever a police officer or firefighter of the city is killed in the actual performance of his or her official duties, the board of directors shall cause to be set aside for the use and benefit of his or her spouse and children or others necessarily dependent upon him or her for their support, if they survive him or her, the sum of one thousand dollars ($1,000).
(2) This sum shall be paid in installments as shall be required and, in the judgment of the boards, as shall be deemed advisable.