§ 6-c. Capital reserve funds for counties, cities, villages, towns and\nsewer and water improvement districts. 1. As used in this section:\n a. The term "governing board", insofar as it is used in reference to a\nvillage, shall mean the board of trustees thereof; insofar as it is used\nin reference to a town, shall mean the town board thereof; insofar as it\nis used in reference to a county, shall mean the legislative body\nthereof; insofar as it is used in reference to a city, shall mean the\n"local legislative body" thereof, as that term is defined in subdivision\nseven of section two of the municipal home rule law, as amended from\ntime to time; insofar as it is used in reference to a town or county\nimprovement district, shall mean the town board of the town or the\nlegislative body of the county in which such district is located unless,\nin the case of a town improvement district, such district has a separate\nboard of commissioners, in which case it shall mean such board of\ncommissioners.\n b. The term "capital improvement" shall mean:\n (1) Any physical public betterment or improvement or any preliminary\nstudies and surveys relative thereto.\n (2) Land or rights in land.\n (3) Any furnishings, equipment, machinery or apparatus for any\nphysical public betterment or improvement acquired at the time when such\nbetterment or improvement is constructed, reconstructed or acquired.\n c. The term "equipment" shall include any equipment, machinery or\napparatus not included in the definition of the term "capital\nimprovement" and for the acquisition of which a period of probable\nusefulness has been provided by law.\n d. The term "obligations" shall include bonds, notes, certificates or\nother evidences of indebtedness.\n 2. The governing board of any county, city, village, town or sewer and\nwater improvement district may establish capital reserve funds for the\nfinancing of all or part of the cost of:\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.\n 3. The provisions of paragraph two shall not apply to:\n a. Capital improvements to be constructed, reconstructed or acquired,\nor equipment to be acquired, on behalf of an improvement district or\nother similar district located within such municipality other than a\nsewer and/or water improvement district, or\n b. Capital improvements or equipment, all or part of the cost of which\nis to be borne by assessments for benefit or ad valorem taxes upon the\nreal property within an area of benefit within such municipality other\nthan a sewer and/or water improvement district.\n 4. If the governing board authorizes the establishment of a capital\nreserve fund for the financing of all or part of the cost of the\nconstruction, reconstruction or acquisition of a specific capital\nimprovement or the acquisition of a specific item or specific items of\nequipment, it shall set forth in such authorization the estimated\nmaximum cost thereof. However, if the authorization by such governing\nboard of the issuance of obligations for such capital improvement or\nequipment is required by law to be subject to a permissive or mandatory\nreferendum, then the authorization of the establishment of such a fund\nshall be subject to a permissive referendum. In the event that the\nauthorization by such governing board of the issuance of obligations for\nsuch capital improvement or equipment is required by law to be subject\nto a permissive or mandatory referendum only if such obligations are to\nhave a maturity of more than five years or not less than some other\nminimum period, then the authorization of the establishment of such a\nfund shall be subject to a permissive referendum only if the period of\nprobable usefulness of such capital improvement or
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.