[Adopted 12-21-1999 by L.L. No. 18-1999 (Ch. 23, Art. I, of the 1995 Code)]
This article is entitled "Facilities Reserve Fund of the Town
of Ogden."
This article is established pursuant to the authority granted
to the Town Board pursuant to § 55 of the Town Law and § 11.00
of the Local Finance Law of the State of New York.
The specific object or purpose of this article is to establish
a reserve fund for the purposes of funding future construction, reconstruction,
repair, replacement and improvement of existing and proposed facilities
of the Town of Ogden and the accompanying lands upon which such facilities
are located.
Any expenditure from the fund shall only be made by resolution
of the Town Board, which resolution shall be subject to a permissive
referendum as provided for by the Town Law. No expenditure of funds
shall be authorized which are not in compliance with the provisions
of § 11.00 of the Local Finance Law.
