§ 9-a. Inter-fund advances.
1.Definitions. As used in this section,\nthe following terms shall have the following meanings:\n (a) "Fund" shall mean a group of accounts set aside for the purpose of\naccounting for moneys or other resources of a municipal corporation in\naccordance with the uniform system of accounts prescribed by the state\ncomptroller pursuant to section thirty-six of this chapter and shall\ninclude funds established for special improvement districts and other\nfunds containing moneys which, if raised by taxes, special ad valorem\nlevies or special assessments, would be raised by taxes, special ad\nvalorem levies or special assessments levied on property in less than\nthe entire area of the municipal corporation.\n (b) "Moneys" shall mean moneys of the municipal corpo
Free access — add to your briefcase to read the full text and ask questions with AI
§ 9-a. Inter-fund advances. 1. Definitions. As used in this section,\nthe following terms shall have the following meanings:\n (a) "Fund" shall mean a group of accounts set aside for the purpose of\naccounting for moneys or other resources of a municipal corporation in\naccordance with the uniform system of accounts prescribed by the state\ncomptroller pursuant to section thirty-six of this chapter and shall\ninclude funds established for special improvement districts and other\nfunds containing moneys which, if raised by taxes, special ad valorem\nlevies or special assessments, would be raised by taxes, special ad\nvalorem levies or special assessments levied on property in less than\nthe entire area of the municipal corporation.\n (b) "Moneys" shall mean moneys of the municipal corporation raised or\nreceived from any source which are held in the custody of the chief\nfiscal officer of the municipal corporation and are not immediately\nrequired for the purpose for which they were raised or received, except\nproceeds from the sale of obligations or other moneys which, by law, may\nbe used only for stated purposes.\n (c) "Chief fiscal officer" shall mean chief fiscal officer as defined\nin paragraph five of section 2.00 of the local finance law.\n 2. A municipal corporation may temporarily advance moneys held in any\nfund to any other fund of the municipal corporation. Any such temporary\nadvance shall be authorized in the same manner as prescribed by general,\nspecial or local law for making budgetary transfers between\nappropriations. Suitable records shall be kept of each temporary\nadvance.\n 3. Moneys temporarily advanced pursuant to this section shall be\nrepaid to the fund from which they were advanced as soon as available\nbut in no event later than the close of the fiscal year in which the\nadvance was made. If moneys from a fund which, if raised by taxes,\nspecial ad valorem levies or special assessments, would be raised from\ntaxes, ad valorem levies or special assessments on a different base of\nproperties than those for which taxes, ad valorem levies or special\nassessments would be raised for the fund to which the advance is made,\nthe repayment shall include an amount reasonably estimated to be the\nadditional amount that would have been earned on the investment of\nmoneys in the fund making the advance had the advance not been made.\n