§ 55. General reserve fund. 1. The town board of a suburban town may establish a general reserve fund for the financing of all or part of the cost of town objects or purposes having periods of probable usefulness of at least five years pursuant to paragraph a of section 11.00 of the local finance […]
§ 55-a. Reserve funds for improvement districts. 1. The town board of a suburban town, on behalf of any improvement district wholly located within the town, may establish one or more reserve funds for the financing of all or part of the cost of a “specific object or purpose” or a “class of objects or […]
§ 55-b. Reserve fund for judgments and claims. 1. The town board of a suburban town may establish a reserve fund for the financing of all or part of the cost of payment of: (a) Judgments or compromised or settled claims against the town; and (b) Awards or sums payable by the town pursuant to […]
§ 55-c. Deposit and investment of and accounting for moneys in reserve funds. 1. The money in each reserve fund established pursuant to this article shall be deposited and secured in the manner provided by section ten of the general municipal law. 2. The town board or the chief fiscal officer of the town, if […]
