[HISTORY: Adopted by the City Council of the City of Batavia as indicated
in article histories. Amendments noted where applicable.]
[Adopted 12-16-2002 by L.L.
No. 2-2002]
Pursuant to Article 2 of the General Municipal Law, a Sidewalk Capital
Reserve Fund is hereby created for the purpose of paying for the cost of the
reconstruction of existing sidewalks within the City.
This fund shall continue from year to year, and any surplus in the fund
at the end of any fiscal year should be carried over to the next year.
City Council shall provide such amounts for this fund as it from time
to time deems appropriate by budgetary appropriation or from revenue not otherwise
appropriated or required by law to be paid into any other fund or account.
The monies in this fund shall be deposited in one or more of the banks
or trust companies designated in the manner provided by law as depositories
of the funds of the City of Batavia. The Council shall designate to the Director
of Finance the authority to invest money in the fund in the manner provided
in § 6-f of the General Municipal Law.
Expenditures from the fund shall be made only by special authorization
of the City Council by resolution.
The Director of Finance shall keep a separate account for this fund,
and such account shall show the following:
A.
The date and amount of each sum paid into the fund.
B.
The interest earned by such fund.
C.
The amount and date of each withdrawal of the fund and
purpose thereof.
D.
The capital gains and losses resulting from the sale
of investments of the fund.
E.
The interest or capital gains which have accrued to the
fund.
F.
The assets of the fund, indicating the cash balance therein
and a schedule of the amounts invested in federal or state obligations.
