[Adopted 11-10-1997]
Pursuant to and in accordance with the provisions of § 6-d
of the General Municipal Law and other applicable provisions of law, the Town
Board of the Town of Maine hereby establishes a special fund which shall be
known as the "Town Hall Repair Reserve Fund of the Town of Maine" (hereinafter
referred to as "reserve fund").
The reserve fund shall be in the amount of $125,000.
The reserve fund is hereby established for future repairs to the Town
Hall of the Town of Maine, located at 12 Lewis Street, Town of Maine, County
of Broome, State of New York.
The estimated maximum cost of said future repairs to the Town Hall of
the Town of Maine is $125,000.
The Town Board of the Town of Maine hereby authorizes, empowers and
directs the Supervisor of the Town of Maine to transfer the sum of $8,000
from the 1997 Budget Account No. A1910.400 (Unallocated Insurance) to the
reserve fund, and to transfer the sum of $7,000 from the 1997 Budget Account
No. A9010.800 (State Retirement) to the reserve fund. The Town Board of the
Town hereby finds and determines that said sums are not otherwise appropriated
or encumbered and are available for said transfers.
Such additional sums as may hereafter be appropriated shall become part
of the reserve fund.
The monies in the reserve fund shall be deposited in a separate bank
account in NBT Bank and shall be deposited and secured in the manner provided
by § 10 of the General Municipal Law.
The Supervisor of the Town of Maine, in his discretion, may invest the
moneys in the reserve fund in the manner provided in § 11 of the
General Municipal Law of the State of New York. Any interest earned or capital
gains realized on the moneys so deposited or invested shall accrue to and
become a part of the reserve fund.
No expenditure shall be made from the reserve fund except by authorization
of the Town Board of the Town of Maine pursuant to the provisions of § 6-d
of the General Municipal Law of the State of New York and pursuant to other
applicable provisions of law.
