In the event of the death of a member of the Ho-Ho-Kus Volunteer Fire Department who is not entitled to and who has previously waived the death benefit of the New Jersey State Firemen's Association, the widow, or in lieu thereof, the estate of such deceased firefighter shall be entitled to receive from the Borough of Ho-Ho-Kus an amount equal to the amount of the prorated death benefit which would have been provided by the New Jersey State Firemen's Association at the time of the demise of an otherwise eligible member of the Ho-Ho-Kus Volunteer Fire Department.