[HISTORY: Adopted by the Town Board of the Town of Chautauqua 7-13-1981. Amendments noted where applicable.]
Pursuant to § 6-c of the General Municipal Law, this Town Board of the Town of Chautauqua does hereby establish a Capital Reserve Fund to finance the cost of acquisition of lands.
The Supervisor is hereby directed to deposit moneys of this reserve fund in a separate bank account to be known as "Land Reserve Fund."
The Supervisor is authorized to invest, from time to time, the moneys of this fund pursuant to § 6-f of the General Municipal Law.
The money in the capital reserve fund established by said resolution of April 12, 1976, is hereby transferred to the Capital Reserve Fund herein created.
No expenditure shall be made from the fund herein created except upon authorization of the Town Board pursuant to § 6-c of the General Municipal Law.
This chapter is made to legitimize said resolution of the Board made on the 12th day of April 1976.