Suffolk County, NY
 
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Suffolk County Legislature as indicated in article histories. Amendments noted where applicable.]
GENERAL REFERENCES
County budget and capital program — See Charter, Art. IV; Admin. Code, Art. IV.
finances — See Chs. 86 and 952.
[Adopted 11-7-1985 by Res. No. 937-1985 (Ch. 719, Art. I, of the 1985 Code)]

§ 1091-1 Fund established; purpose.

Pursuant to § 6-h of the New York General Municipal Law, the Suffolk County Legislature hereby establishes a reserve fund, to be known as the "Debt Stabilization Reserve Fund," for the purpose of accumulating and providing moneys to be used for the payment of the County's bonded indebtedness, other than such indebtedness payable in the first instance from assessments or taxes levied from special County districts, in accordance with the terms and conditions set forth in § 6-h of the New York General Municipal Law and § C4-10F of the Suffolk County Charter.

§ 1091-2 Authorization for expenditures from fund.

Any and all expenditures from this reserve fund shall only be made upon authorization of the Suffolk County Legislature, subject to the constraints and limitations contained in § 6-h of the New York General Municipal Law and § C4-10F of the Suffolk County Charter.

§ 1091-3 Transfer of funds to capital reserve fund.

Any transfer of a portion or all of said Debt Stabilization Reserve Fund to a capital reserve fund shall be subject to a permissive referendum.

§ 1091-4 Deposit of funds to bank account.

[Amended 6-17-2014 by L.L. No. 32-2014]
The County Comptroller is hereby directed to deposit moneys of this reserve fund in a separate bank account to be known as the "Debt Stabilization Reserve Fund."[1]
[1]
Editor's Note: Former § 719-5, Investment of funds, which immediately followed this section, was repealed 9-15-2011 by L.L. No. 49-2011.
[Adopted 12-16-1997 by Res. No. 1154-1997 (Ch. 719, Art. II, of the 1985 Code)]

§ 1091-5 Fund established.

Pursuant to § 6-e of the General Municipal Law, the Suffolk County Legislature hereby establishes a contingency and tax stabilization reserve fund, to be known as the "Tax Stabilization Reserve Fund." Monies may only be paid into the fund and expended therefrom in accordance with the provisions of § 6-e of the General Municipal Law.

§ 1091-6 Transfer of prior fund balances.

Any monies in the original Tax Stabilization Reserve Fund are hereby transferred to the new fund created pursuant to the preceding section and shall only be expended in accordance with the provisions of § 6-e of the General Municipal Law.