Maine § 30-A §5801 Establishment

Maine Statutes

§ 30-A §5801 — Establishment

Maine·Title 30-A MUNICIPALITIES AND COUNTIES·Part 2 MUNICIPALITIES·Ch. 223 MUNICIPAL FINANCES

A municipality may establish a reserve fund, consisting of one or more accounts, by appropriating money or by authorizing the transfer of unencumbered surplus funds at the end of any fiscal year for the following purposes:

1.Capital improvement account. Financing the acquisition or reconstruction of a specific, or a type of, capital improvement;

2.Capital equipment account. Financing the acquisition of a specific item or type of capital equipment;

3.Credit reserve account. Providing a reserve which may be applied in periods of financial emergency to assist in continuing its normal operation without increasing the tax rate.

4.Sinking fund account. Paying a funded debt.

Free access — add to your briefcase to read the full text and ask questions with AI

A municipality may establish a reserve fund, consisting of one or more accounts, by appropriating money or by authorizing the transfer of unencumbered surplus funds at the end of any fiscal year for the following purposes:
1.
Capital improvement account.
Financing the acquisition or reconstruction of a specific, or a type of, capital improvement;
2.
Capital equipment account.
Financing the acquisition of a specific item or type of capital equipment;
3.
Credit reserve account.
Providing a reserve which may be applied in periods of financial emergency to assist in continuing its normal operation without increasing the tax rate.
4.
Sinking fund account.
Paying a funded debt.

Maine § 30-A §5801 (Establishment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.