§ 6-g. Capital reserve funds for fire districts. 1. As used in this\nsection:\n a. The term "capital improvement" shall mean:\n (1) Any physical betterment or improvement or any preliminary studies\nand 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 b. 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 c. The term "obligations" shall include bonds, notes, certificates or\nother evidences of indebtedness.\n 2. The board of fire commissioners of any fire district may establish\ncapital reserve funds for the financing of all or a 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. If the board of fire commissioners authorizes the establishment of\na capital reserve fund for the financing of all or part of the cost of\nthe construction, 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.\n 4. Any resolution of the board of fire commissioners authorizing the\nestablishment of a reserve fund shall not take effect until approved by\nthe affirmative vote of a majority of the electors of such fire district\naffected, qualified to vote at an annual election of fire district\nofficers, voting on such proposition. Any special election shall be held\nin the manner provided in section one hundred seventy-nine of the town\nlaw, as amended from time to time.\n A proposition for the submission of any such resolution of the board\nof fire commissioners to the approval of the said qualified electors\npursuant to this section, shall contain an abstract of such resolution\nconcisely stating the purposes and effect thereof. The fire district\nsecretary shall prepare such abstract with the advice of the attorney\nfor the fire district, if there be one, and forthwith transmit the\nproposition to the board of fire commissioners in the form in which it\nis to be submitted at such annual or special election of such fire\ndistrict. If there be more than one such proposition to be voted upon at\nsuch election, each proposition shall be separately and consecutively\nnumbered.\n 5. There may be paid into any such capital reserve fund:\n a. Such an amount as may be provided therefor in the annual budget of\nthe fire district adopted pursuant to section one hundred eighty-one of\nthe town law or pursuant to section one hundred eighty-one-a of the town\nlaw.\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 fire district.\n 6. The moneys in each such capital reserve fund shall be deposited and\nsecured in the manner provided by section ten of this article. The board\nof fire commissioners or the fire district treasurer of such fire\ndistrict, if the board of fire commissioners shall delegate such duty to\nhim, may invest the moneys in each such fund in the manner provided in\nsection eleven of this article. Any interest earned or capital gains\nrealized on the moneys so deposited or invested shall accrue to and\nbecome part of each such fund. The separate identity of each such fund\nshall be maintained, whether its assets consist of cash or investments\nor both.\n 7. An expenditure from a reserve fund
‹ 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.