Section 1. The town of Windsor Locks may, at the annual town
meeting, create reserve funds for such capital or nonrecurring expenditures
as may be recommended by the board of finance of said town. Appropriations
to such reserve funds shall be made only at the annual town meeting,
upon recommendation of the board of finance, and the reserve fund
to which such appropriation is made shall be plainly designated and
included in the budget of estimated expenditures adopted at such annual
town meeting.
Section 2. All monies now in the account entitled "Town of Windsor
Locks Sinking Fund for Protection for Public Records" shall be transferred
to a reserve fund entitled "Reserve Fund for Construction of Town
Building." All monies now in the account entitled "Town of Windsor
Locks Sinking Fund for New Fire Truck" shall be transferred to a reserve
fund entitled "Reserve Fund for Purchase of New Fire Truck." All monies
in other special accounts except the "Town Deposit Fund," "James DeF.
Phelps Fund," and "Bond and Coupon Account" shall be returned to the
general fund.
Section 3. Orders drawn on said reserve funds shall be signed
by the treasurer and a majority of the board of selectmen, and no
portion of any such reserve fund shall be spent for any purpose other
than that for which such reserve fund was created.
Section 4. Upon recommendation of the board of finance, any
town meeting legally warned as by statute provided may, by majority
vote, transfer all or any portion of the monies in any such reserve
fund to the general fund of the town.
Section 5. The treasurer shall have custody of such reserve
funds and shall keep separate accounts relating to each such reserve
fund and shall furnish an annual report of each such reserve fund,
showing the amount of the fund, how invested, the amount of its income,
to whom and for what purpose payments have been made from such reserve
fund and the balance remaining in such reserve fund. All money accumulated
as hereinbefore provided, together with all interest that may accrue
thereon, shall be deposited in separate bank accounts by the treasurer.
Section 6. No appropriation shall be made to any such reserve
fund which shall cause the total of all such reserve funds to exceed
the current tax levy of the town, except for the addition of interest
and dividends earned by such funds.