[Adopted 11-7-1985 by Res. No. 937-1985 (Ch. 719, Art. I,
of the 1985 Code)]
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.
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.
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.
[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."
[Adopted 12-16-1997 by Res. No. 1154-1997 (Ch. 719, Art. II,
of the 1985 Code)]
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.
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.