[Adopted 9-6-1972 by L.L. No. 1-1972]
There is hereby created a Sewer District Capital
Reserve Fund for the Town of Wallkill.
The purpose of said Sewer District Capital Reserve
Fund shall be to provide moneys to construct, reconstruct and enlarge
the facilities for the district sewer treatment plant of the town,
and/or the main sewer trunk lines which connect into said sewer treatment
plant, and/or to acquire equipment for the use of the sewer districts.
Transfer of funds to the Sewer District Capital
Reserve Fund may from time to time hereafter be made by and in accordance
with resolutions adopted by the Town Board, and the Town Board by
such resolutions shall determine the sewer district fees or charges,
or portions or portion thereof, which shall be transferred to said
Fund. The Town Board may also, by resolution, transfer to said Sewer
District Capital Reserve Fund such amounts as may be provided therefor
by budgetary appropriation and raised by tax, or such surplus or unexpended
sewer district funds as it shall determine.
Before any funds are transferred to the Sewer
District Capital Reserve Fund, the Town Board shall determine by resolution
the specific capital improvement to be made or the specific item or
items of equipment to be acquired, and it shall determine and set
forth by resolution the estimated maximum cost thereof. Each specific
capital improvement or other specific item as aforesaid shall be given
a designating title and shall be carried within the Sewer District
Capital Reserve Fund as a separate fund bearing such title.
If the issuance of obligations for such capital
improvement or equipment is required by law to be subject to a permissive
or mandatory referendum, then the resolution establishing that item
as part of the Capital Reserve Fund shall be subject to a permissive
referendum. A permissive referendum upon the resolution shall be governed
by Article 7 of the Town Law.
The moneys in the Sewer District Capital Reserve
Fund shall be kept in separate funds, each bearing a separate title
according to the specific purpose for which created, and the moneys
in each title shall be deposited in a separate bank account in one
or more of the banks or trust companies designated in the manner provided
by law as depositories of the funds of the town. There is delegated
to the Supervisor, as chief fiscal officer of the town, the power
to invest the moneys in each separate title in the manner provided
by law, and any interest earned or capital gains realized on the money
deposited or invested in each title shall accrue to and become part
of the fund in that title. The separate identity of the fund under
each separate title shall be maintained whether its assets consist
of cash or investments, or both.
An expenditure shall be made from each title
only by resolution of the Town Board and for the specific capital
improvement or specific item or items of equipment, the cost of which
may be financed therefrom. If a proposed expenditure is from a title
established for a type of capital improvement or equipment and if
it is required by law that the authorization by the Town Board of
the issuance of obligations for such capital improvement or equipment
be subject to a permissive referendum or mandatory referendum, then
the authorization of such expenditure shall be subject to a permissive
referendum. Such a permissive referendum shall be governed by the
provisions of the Town Law.
The Town Board may transfer from one title into
another separate title within the Sewer District Capital Reserve Fund
all or part of the unexpended balance remaining in the fund established
under a title for a specific capital improvement or a specific item
or items of equipment, which improvement has been completed or acquired
or which equipment has been acquired, after deducting from such balance
a sum sufficient to satisfy all outstanding claims arising from the
construction, reconstruction or acquisition or such capital improvement
or the acquisition of such equipment.
The Town Board may transfer from one title into
another separate title within the Sewer District Capital Reserve Fund
all or part of the unexpended balance remaining in the fund under
a title in the Sewer District Capital Reserve Fund for a specific
item or items of equipment which have not been acquired or for a specific
capital improvement which has not been completed or acquired. If the
proposed transfer is from a title within the District Fund which was
established for a specific capital improvement or a specific item
or items of equipment, the authorization shall be subject to a permissive
referendum if the authorization of the creation of the title within
said Sewer District Capital Reserve Fund was subject to a permissive
referendum.
The Town Board may also appropriate for an object
or purpose for which sewer district bonds may be issued or for the
payment of interest on and principal of sewer district indebtedness
all or part of the unexpended balance remaining in the fund established
as a title within said Reserve Fund for a specific capital improvement
or item or items of equipment. Any such appropriation may not be made
until and unless the improvement has been completed or acquired or
the equipment has been acquired, and shall not include any moneys
required to satisfy all outstanding claims arising from the construction,
reconstruction or acquisition of such capital improvement or the acquisition
of such equipment.
The Supervisor, as chief fiscal officer, shall
keep a separate account for each title established within the Sewer
District Capital Reserve Fund. Such account shall show:
A.
The date and amount of each sum paid into the fund
in that title.
B.
The interest earned by such fund title.
C.
The capital gains or loss resulting from the sale
or investment of the fund title.
D.
The interest or capital gains which have accrued to
the fund title.
E.
The amount and date of each withdrawal from the fund
title.
F.
The assets of the fund title, indicating the cash
balance therein and a schedule of the amounts invested in federal
or state obligations.
The Supervisor, at the termination of each fiscal
year, shall render a detailed report of the operation and condition
of each of the items within the Sewer District Capital Reserve Fund
to the Town Board.
The moneys in the Sewer District Capital Reserve
Fund may be invested in the manner authorized by the General Municipal
Law, § 6-f, or by any other provision of law authorizing
such investments, as such laws may from time to time hereafter be
amended.
