[HISTORY: Adopted by the Town Board of the Town of Colonie 2-6-1986 by L.L. No. 4-1986. Amendments noted where applicable.]
GENERAL REFERENCES
Reserve fund for judgments and claims — See Ch. 36.
The Town Board of the Town of Colonie shall establish a reserve fund for tort liability pursuant to General Municipal Law § 6-n, for the financing of all or part of the cost of payment of judgments or compromised or settled claims against the Town of Colonie, which are founded upon tort or that arise out of any acts or omissions of officers or employees of the Town of Colonie, as limited by General Municipal Law, § 6-n, together with all necessary administrative expenses.
The balance in said Reserve Fund for Tort Liability shall not exceed the limits prescribed therefor by General Municipal Law § 6-n, Subdivision 4.
An expenditure may be made from said Reserve Fund for Tort Liability pursuant to the provisions of General Municipal Law § 6-n, and only with the authorization of the Town Board of the Town of Colonie.