[HISTORY: Adopted by the Town Board of the
Town of Colonie 1-8-1981 by L.L. No. 1-1981. Amendments noted where
applicable.]
GENERAL REFERENCES
Reserve fund for tort liability — See Ch. 37.
The Town Board of the Town of Colonie shall
establish a reserve fund for the financing of all or part of the cost
of payment of judgments or compromised or settled claims against the
Town of Colonie and awards and sums payable by the Town of Colonie
pursuant to a determination by a court or an officer, body or agency
acting in an administrative or quasi-judicial capacity, including
all necessary administration expenses.
[Amended 2-6-1986 by L.L. No. 3-1986]
The balance in said Reserve Fund for Judgments
and Claims shall not exceed $500,000 at any one time,
exclusive of any interest or capital gains realized from the investment
of the money in such fund. Whenever an expenditure is made from said
fund, additional money may he appropriated or transferred into said
fund in an amount which, together with all money remaining in said
fund, including any interest or capital gains realized from the investment
of the money in said fund, shall not exceed $500,000.
There may be paid into said Reserve Fund for
Judgments and Claims:
A.
Such an amount as may be provided therefor by budgetary
appropriation or transfer or raised by tax therefor.
B.
Such revenues as are not required by law to be paid
into any other fund or account, including the proceeds from the sale
of any capital improvement or equipment owned by the Town of Colonie.
An expenditure may be made from said Reserve
Fund for Judgments and Claims only with the authorization of the Town
Board of the Town of Colonie and only for a specific object or purpose.
Any expenditure made from said fund to pay all or part of the cost
of a judgment, claim, award or determination arising out of the management,
improvement, operation or maintenance of any special improvement district
located in the Town of Colonie shall be charged back against such
district and raised in the same manner as other district charges.
Any amount so charged to a district shall be included in determining
the amount of such fund, exclusive of any interest or capital gains
realized from the investment of the money in such fund.
