[Approved by the General Assembly 5-25-1951 by S.A. 151]
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.