This text of New York § 55-C (Deposit and investment of and accounting for moneys in reserve funds) 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-c. Deposit and investment of and accounting for moneys in reserve\nfunds.
1.The money in each reserve fund established pursuant to this\narticle shall be deposited and secured in the manner provided by section\nten of the general municipal law.\n 2. The town board or the chief fiscal officer of the town, if the\ntown board shall delegate such duty to him, may invest the moneys in\neach such reserve fund or, in two or more such funds, in the manner\nprovided in section eleven of the general municipal law. Any interest\nearned or capital gains realized on the money so deposited or invested\nshall accrue to and become a part of each such fund. Where the money in\ntwo or more such reserve funds are invested together, the interest\nearned or capital gains realized shall be apportioned
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§ 55-c. Deposit and investment of and accounting for moneys in reserve\nfunds. 1. The money in each reserve fund established pursuant to this\narticle shall be deposited and secured in the manner provided by section\nten of the general municipal law.\n 2. The town board or the chief fiscal officer of the town, if the\ntown board shall delegate such duty to him, may invest the moneys in\neach such reserve fund or, in two or more such funds, in the manner\nprovided in section eleven of the general municipal law. Any interest\nearned or capital gains realized on the money so deposited or invested\nshall accrue to and become a part of each such fund. Where the money in\ntwo or more such reserve funds are invested together, the interest\nearned or capital gains realized shall be apportioned to each separate\nfund in the same proportion as the amount of each fund bears to the\naggregate amount of the several funds.\n 3. The chief fiscal officer shall keep a separate account for each\nsuch fund. Such account shall show:\n (a) The date and amount of each sum paid into the fund.\n (b) The interest earned by such fund.\n (c) The capital gains or losses resulting from the sale of investments\nof the fund.\n (d) The interest or capital gains which have accrued to the fund.\n (e) The amount and date of each expenditure from the fund.\n (f) The assets of the fund, indicating the cash balance therein and\nthe schedule of the amounts invested.\n The chief fiscal officer, at the termination of each fiscal year,\nshall render a detailed report of the operation and condition of each\nsuch fund to the town board.\n 4. The members of the town board are hereby declared trustees of each\nsuch fund and shall be subject to all the duties and responsibilities\nimposed by law on trustees, and such duties and responsibilities may be\nenforced by the town, or by any board, commission, agency, officer or\ntaxpayer thereof.\n 5. The members of the town board shall not:\n (a) Authorize an expenditure or withdrawal from any such fund for any\npurpose other than for the financing of an object or purpose which has\nbeen authorized to be financed in whole or in part from such fund; or\n (b) Expend any money withdrawn from any such fund for a purpose other\nthan that for which it was authorized to be withdrawn.\n Any violation of this subdivision shall be an offense punishable by a\ncivil penalty of not more than one hundred dollars. The provisions of\nthis subdivision shall be considered to be in addition to any other\npenalties provided by law.\n