[Adopted 12-21-1999 by L.L. No. 20-1999 (Ch. 23, Art. III, of the 1995
Code)]
This article is entitled "Retirement 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 retirement reserve fund for the purposes of funding future mandatory
contributions of the Town of Ogden to the New York State Retirement
System on behalf of its present and future employees.
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.
