The Town Board of the Town of Colonie shall
establish a reserve fund for tort liability pursuant to General Municipal
Law § 6-n, for the financing of all or part of the cost
of payment of judgments or compromised or settled claims against the
Town of Colonie, which are founded upon tort or that arise out of
any acts or omissions of officers or employees of the Town of Colonie,
as limited by General Municipal Law, § 6-n, together with
all necessary administrative expenses.
The balance in said Reserve Fund for Tort Liability
shall not exceed the limits prescribed therefor by General Municipal
Law § 6-n, Subdivision 4.
An expenditure may be made from said Reserve
Fund for Tort Liability pursuant to the provisions of General Municipal
Law § 6-n, and only with the authorization of the Town Board
of the Town of Colonie.