Bill Text: NY A06504 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes the town of Seneca Falls to create a reserve fund for certain temporary revenues that shall be received on a one-time basis or can be proven to be temporary in nature and received only for a specified period of time.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-04 - referred to local governments [A06504 Detail]

Download: New_York-2011-A06504-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6504
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 21, 2011
                                      ___________
       Introduced  by  M. of A. KOLB -- read once and referred to the Committee
         on Local Governments
       AN ACT to amend the general municipal law, in  relation  to  authorizing
         the  town  of Seneca Falls to create a reserve fund for certain tempo-
         rary revenues
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  general  municipal  law  is  amended by adding a new
    2  section 6-t to read as follows:
    3    S 6-T. RESERVE FUND; TEMPORARY REVENUES.  1. THE TOWN OF SENECA  FALLS
    4  IS  AUTHORIZED  TO CREATE A RESERVE FUND FOR CERTAIN REVENUES THAT SHALL
    5  BE RECEIVED ON A ONE-TIME BASIS OR CAN BE  PROVEN  TO  BE  TEMPORARY  IN
    6  NATURE AND RECEIVED ONLY FOR A SPECIFIED PERIOD OF TIME.
    7    2.  THE  MONEYS  IN  SUCH  FUND  SHALL BE DEPOSITED AND SECURED IN THE
    8  MANNER PROVIDED BY SECTION TEN OF THIS ARTICLE. THE MONEYS IN SUCH  FUND
    9  SO  DEPOSITED  SHALL  BE ACCOUNTED FOR SEPARATE AND APART FROM ALL OTHER
   10  FUNDS OF THE TOWN OF SENECA FALLS, IN THE SAME  MANNER  AS  PROVIDED  IN
   11  SUBDIVISION TEN OF SECTION SIX-C OF THIS ARTICLE. THE GOVERNING BOARD OR
   12  THE  CHIEF  FISCAL OFFICER OF THE TOWN OF SENECA FALLS, IF THE GOVERNING
   13  BOARD SHALL DELEGATE SUCH DUTY TO HIM OR HER, MAY INVEST THE  MONEYS  IN
   14  SUCH  FUND IN THE MANNER PROVIDED IN SECTION ELEVEN OF THIS ARTICLE. ANY
   15  INTEREST EARNED OR CAPITAL GAINS REALIZED ON THE MONEYS SO DEPOSITED  OR
   16  INVESTED SHALL ACCRUE TO AND BECOME PART OF SUCH FUND.
   17    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05328-01-1