§ 6-j. Workmen's compensation reserve fund.
1.The governing board of\nany municipal corporation, school district or fire district, which is,\nor shall hereafter become a self-insurer under the provisions of\nsubdivision four of section fifty of the workers' compensation law or\nsection thirty of the volunteer firefighters' benefit law may establish\na reserve fund to be known as the workers' compensation reserve fund of\nsuch municipal corporation, school district or fire district.\n 2. There may be paid into any such fund (a) such amounts as may be\nprovided therefor by budgetary appropriations and (b) such other sums as\nmay be legally appropriated.\n 3. The moneys in such fund shall be deposited and secured in the\nmanner provided by section ten of this article. The money in such f
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§ 6-j. Workmen's compensation reserve fund. 1. The governing board of\nany municipal corporation, school district or fire district, which is,\nor shall hereafter become a self-insurer under the provisions of\nsubdivision four of section fifty of the workers' compensation law or\nsection thirty of the volunteer firefighters' benefit law may establish\na reserve fund to be known as the workers' compensation reserve fund of\nsuch municipal corporation, school district or fire district.\n 2. There may be paid into any such fund (a) such amounts as may be\nprovided therefor by budgetary appropriations and (b) such other sums as\nmay be legally appropriated.\n 3. The moneys in such fund shall be deposited and secured in the\nmanner provided by section ten of this article. The money in such fund\nso deposited shall be accounted for separate and apart from all other\nfunds of the municipality, school district or fire district, in the same\nmanner as provided in subdivision ten of section six-c of this article.\nThe governing board, or the chief fiscal officer of such municipality,\nschool district or fire district, if the governing board shall delegate\nsuch duty to him, may invest the moneys in such fund in the manner\nprovided in section eleven of this article. Any interest earned or\ncapital gain realized on the money so deposited or invested shall accrue\nto and become part of such fund. The separate identity of such fund\nshall be maintained whether its assets consist of cash or investments or\nboth.\n 4. An expenditure shall be made from such fund only for the payment of\ncompensation and benefits, medical, hospital or other expense authorized\nby article two of the workers' compensation law and by the volunteer\nfirefighters' benefit law and expenses of administering the\nself-insurance program for such municipal corporation, school district\nor fire district.\n 5. If at the end of any fiscal year the moneys in such fund shall\nexceed the amounts required to be paid pursuant to subdivision four of\nthis section plus any additional amount required to pay all pending\nclaims, the governing board of the municipal corporation, school\ndistrict, board of cooperative educational services or fire district\nmay, within sixty days of the close of such fiscal year, elect to: (a)\ntransfer said excess, or any part thereof, to any fund authorized by\nthis article or section thirty-six hundred fifty-one of the education\nlaw; and/or (b) apply said excess, or any part thereof to the budget\nappropriation of the next succeeding fiscal year.\n 6. If the municipal corporation, school district or fire district\nshall, after the establishment of such fund, cease to be a self-insurer,\nthe moneys remaining in such fund may be transferred to any other fund\nauthorized by this chapter or section thirty-six hundred fifty-one of\nthe education law only to the extent that the moneys in such fund shall\nexceed in amount the sum sufficient to pay all expenditures authorized\nin paragraph numbered four, both accrued and contingent.\n