[HISTORY: Comes from L.L.
No. 11-1979, adopted 1-16-1979, effective 1-22-1979.]
The Town Board of the Town of Hempstead shall establish a Tort
Liability Reserve Fund for the financing of all or part of the cost
of payment of judgments or compromised or settled claims against the
Town of Hempstead, including all necessary administrative expenses.
The balance in said Tort Liability Reserve Fund shall not exceed
$1,000,000 at any one time, exclusive of any interest or capital gains
realized from the investment of the money in such fund. Whenever an
expenditure is made from said fund, additional money may be appropriated
or transferred into said fund in an amount which, together with all
money remaining in said fund, including any interest or capital gains
realized from the investment of the money in said fund, shall not
exceed $1,000,000.
There may be paid into said Tort Liability Reserve Fund:
A.Â
Such
an amount as may be provided therefor by budgetary appropriation or
transfer or raised by tax therefor.
B.Â
Such
revenues as are not required by law to be paid into any other fund
or account, including the proceeds from the sale of any capital improvement
or equipment owned by the Town of Hempstead.
An expenditure may be made from said Tort Liability Reserve
Fund only with the authorization of the Town Board of the Town of
Hempstead and only for a specific object or purpose. Any expenditure
made from said fund to pay all or part of the cost of a judgment,
claim, award or determination arising out of the management, improvement,
operation or maintenance of any special improvement, district located
in the Town of Hempstead shall be charged back against such district
and raised in the same manner as other district charges. Any amount
so charged to a district shall be included in determining the amount
of such fund, exclusive of any interest or capital gains realized
from the investment of the money in such fund.
