§ 6-Q — Intermunicipal agreement for a joint capital reserve fund in the county of Tompkins

§ 6-q. Intermunicipal agreement for a joint capital reserve fund in\nthe county of Tompkins. 1. As used in this section:\n a. "Capital improvement" shall have the same meaning as such term is\ndefined in section six-c of this article.\n b. "Commission" shall mean the Southern Cayuga Lake intermunicipal\nwater commission, as established by an intermunicipal agreement among\nthe member municipalities, pursuant to section one hundred nineteen-o of\nthis chapter, for the purposes of constructing and operating a water\nfiltration plant, storage facilities and transmission facilities in the\ncounty of Tompkins, among other purposes.\n c. "Equipment" shall have the same meaning as such term is defined in\nsection six-c of this article.\n d. "Member municipalities" shall mean the villages of Cayuga Heights\nand Lansing, the towns of Dryden, Ithaca and Lansing, and any other\nvillage or town electing to enter into the intermunicipal agreement\nestablishing the Southern Cayuga Lake intermunicipal water commission.\n 2. Notwithstanding any other provision of law to the contrary, the\nmember municipalities may, by intermunicipal agreement, establish a\njoint capital reserve fund, for the Southern Cayuga Lake intermunicipal\nwater district, to provide for the financing of all or part of the cost\nof:\n a. the construction, reconstruction or acquisition of a specific\ncapital improvement or the acquisition of a specific item or specific\nitems of equipment;\n b. the construction, reconstruction or acquisition of a type of\ncapital improvement or the acquisition of a type of equipment; or\n c. a combination of specific and types of capital improvements and\nequipment.\n 3. Any agreement establishing such capital reserve fund shall be\napproved by all of the member municipalities.\n 4. The member municipalities shall determine by agreement:\n a. the maximum amount to be deposited in such capital reserve fund;\n b. the manner in which such capital reserve fund shall be funded which\nmay include contributions from each member municipality or retention and\ndedication to such fund of surplus revenues generated by the operation\nof the jointly owned water, storage and transmission facilities; and\n c. the manner in which, and the capital improvements and/or equipment\nfor which the provisions of the local finance law, the moneys in such\ncapital reserve fund may be expended.\n 5. Any funds deposited in such capital reserve fund shall be properly\ndeposited in a separate fund or funds in depositories and properly\nsecured in accordance with the provisions of the local finance law\ngoverning the deposits and investments of municipal funds. If the\nagreement establishing such fund so authorizes, the funds deposited may\nbe held in one or more separate accounts in the name of the commission\nprovided that the person or persons authorized to withdraw funds are\nchief fiscal officers of one or more of the member municipalities and\nare fully bonded. Otherwise such funds shall be held in a separate\naccount jointly in the name of all member municipalities or, if the\nmember municipalities agree, in the name of one of the member\nmunicipalities for the benefit of all of the member municipalities.\n 6. Except as otherwise expressly provided in this section, the\ndeposit, investment, accrual of interest, expenditure, maintenance of\nrecords and other matters relating to the capital reserve shall be\ngoverned by the provisions of section six-c of this article.\n