[HISTORY: Adopted by the Town Board of the Town of Cato 11-1-1994.
Amendments noted where applicable.]
GENERAL REFERENCES
Procurement Policy — See Ch. 30.
A.
Pursuant to § 6-c of the General Municipal
Law, as amended, this Town Board does hereby establish a Capital Reserve Fund
to finance the cost of acquisition of highway equipment and machinery.
B.
The Town Supervisor is hereby directed to deposit moneys
of this reserve fund in a separate bank account to be known as the "Town of
Cato Highway Equipment and Machinery Reserve Fund."
C.
The Town Supervisor is authorized to invest, from time
to time, the moneys of this fund pursuant to § 11 of the General
Municipal Law.
D.
No expenditure shall be made from this fund, except upon
authorization of this Board pursuant to § 6-c of the General Municipal
Law and subject to permissive referendum if required by law.
