This text of New York § 55-B (Reserve fund for judgments and claims) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 55-b. Reserve fund for judgments and claims.
1.The town board of a\nsuburban town may establish a reserve fund for the financing of all or\npart of the cost of payment of:\n (a) Judgments or compromised or settled claims against the town; and\n (b) Awards or sums payable by the town pursuant to a determination by\na court, or an officer, body or agency acting in an administrative or\nquasi-judicial capacity.\n 2. The amount of any such fund shall not exceed the greater of\nthirty-three thousand dollars or five per centum of the total budget for\nsuch fiscal year at any one time, exclusive of any interest or capital\ngains realized from the investment of the money in such fund. Whenever\nan expenditure shall be made from such fund, additional money may be\nappropriated or transferre
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§ 55-b. Reserve fund for judgments and claims. 1. The town board of a\nsuburban town may establish a reserve fund for the financing of all or\npart of the cost of payment of:\n (a) Judgments or compromised or settled claims against the town; and\n (b) Awards or sums payable by the town pursuant to a determination by\na court, or an officer, body or agency acting in an administrative or\nquasi-judicial capacity.\n 2. The amount of any such fund shall not exceed the greater of\nthirty-three thousand dollars or five per centum of the total budget for\nsuch fiscal year at any one time, exclusive of any interest or capital\ngains realized from the investment of the money in such fund. Whenever\nan expenditure shall be made from such fund, additional money may be\nappropriated or transferred thereto in an amount which, together with\nall money remaining in such fund including any interest or capital gains\nrealized from the investment of the money in such fund, shall not exceed\nthe greater of thirty-three thousand dollars or five per centum of the\ntotal budget for such fiscal year.\n 3. There may be paid into such fund:\n (a) Such an amount as may be provided therefor by budgetary\nappropriation or transfer or raised by tax therefor.\n (b) Such revenues as are not required by law to be paid into any other\nfund or account, including the proceeds from the sale of any capital\nimprovement or equipment owned by such town.\n 4. An expenditure may be made from the fund only by authorization of\nthe town board and only for a specific object or purpose, the cost of\nwhich may be financed therefrom. Any expenditure made from such fund to\npay all or part of the cost of a judgment, claim, award or determination\narising out of the management, improvement, operation or maintenance of\nany special improvement district located in the town shall be charged\nback against such district and raised in the same manner as other\ndistrict charges. Any amount so charged to a district shall be included\nin determining the amount of such fund, exclusive of any interest or\ncapital gains realized from the investment of the money in such fund.\n