[Adopted 6-25-2008 by L.L. No. 7-2008 (Ch. 23, Art. VI, of the 1995 Code)]
There is hereby established, pursuant to § 6-p of the General Municipal Law, a reserve fund to be known as the "Employee Benefit Accrued Liability Reserve Fund."
There shall be paid into such fund account:
A. 
Such amounts as may be provided by budgetary appropriations on an annual basis;
B. 
Amounts, if any, from any other fund authorized by General Municipal Law by resolution subject to permissive referendum; and
C. 
Such other funds as may be legally appropriated for such account.
The Town Board of the Town of Ogden or the Finance Director of the Town of Ogden, as authorized by the Town Board, may invest the monies in such fund in the manner provided for by § 11.00 of Article 2 of the General Municipal Law. Any and all interest earned or capital gain realized on the money so deposited or invested shall accrue to and become a part of such fund. Further, the Finance Director shall account for this fund separate and apart from all other funds of the Town. Such accounting shall be in such detail as provided for pursuant to § 6-p, Subdivision 5, of the General Municipal Law.
All actions or claims for accrued employee benefits from such fund shall be compromised or settled by the Town Board of the Town of Ogden, and all expenditures from such fund shall be made for the payment of all or part of the cost, including interest, of the cash payment of the monetary value of accumulated or accrued unused sick leave, holiday leave, vacation leave, time allowance granted in lieu of overtime, compensation or other forms of payment for accrued leave time and benefits due to a municipal employee upon termination of municipal employment and separation from service as required by ordinance, local law, collective bargaining agreement or § 6 of the Civil Service Law. There shall further be allowed, as an expenditure from such fund, the reasonable cost of the administration of the fund, together with expert or professional services rendered in connection with investigation adjustment or settlement of claims, actions or judgments relating to claims for accrued employee benefits. No member of the Town Board shall authorize withdrawal or expenditure from such fund for any purpose except as provided for, pursuant to § 6-p of the General Municipal Law.
If, in the future, the Town Board shall determine that such Employee Benefit Accrued Liability Reserve Fund is no longer needed, the funds remaining on hand may be transferred in accordance with the provisions of § 6-p, Subdivision 9, of the General Municipal Law.