§ 6-p. Employee benefit accrued liability reserve fund. 1. The\nfollowing terms when used or referred to in this section, shall have the\nfollowing meaning:\n (a) "Municipal corporation" shall mean a municipal corporation, as\ndefined in section two of this chapter, school district, except a school\ndistrict in a city with a population of one hundred twenty-five thousand\nor more, board of cooperative educational services, fire district, a\ndistrict corporation and a special improvement district governed by a\nseparate board of commissioners.\n (b) "Employee benefits" shall mean the cash payment of the monetary\nvalue of accrued and accumulated but unused and unpaid sick leave,\npersonal leave, holiday leave, vacation time, time allowances granted in\nlieu of overtime compensation and any other forms of payment for accrued\nbut unliquidated time earned by municipal employees and payable to\nmunicipal employees upon termination of service, whether by retirement\nor otherwise, as authorized by ordinance, local law, or collective\nbargaining agreement or section six of the civil service law for which\nexpenditures may be made pursuant to subdivision two of this section.\n 2. (a) The governing board of any municipal corporation may establish\na reserve fund to be known as the employee benefit accrued liability\nreserve fund. Upon the creation of the fund, the municipality may make\nexpenditures from the fund for any accrued employee benefit payment due\nan employee of the municipal corporation upon termination of the\nemployee's service, provided however, that no municipality shall make an\nexpenditure from such fund for any employee benefit for which the\nmunicipal corporation has established a reserve fund under any other\nprovision of law.\n (b) Notwithstanding any other provision of law to the contrary, where\na municipal corporation has previously established a reserve fund for a\ntype of accrued employee benefits for which expenditures may be made\nunder paragraph (a) of this subdivision, the municipal corporation may,\nby resolution, discontinue such other reserve fund and transfer any\nunexpended balance to the reserve fund established under this section;\nprovided, however, that to the extent such unexpended balance is subject\nto any liabilities incurred or accrued against the other reserve fund,\nany unexpended balances so transferred shall only be used for such\nincurred or accrued liabilities including expenses in connection\ntherewith. Prior to the discontinuance of the other reserve fund, the\nfiscal and legal officers of the municipal corporation shall certify to\nthe governing board thereof the amount that may be necessary to satisfy\nall liabilities incurred or accrued against it.\n 3. There may be paid into such fund:\n (a) such amounts as may be provided by budgetary appropriations;\n (b) amounts from any other fund authorized by this chapter by\nresolution subject to permissive referendum; and\n (c) such other funds as may be legally appropriated.\n 4. The moneys in such fund shall be deposited and secured in the\nmanner provided by section ten of this article. The governing board, or\nthe chief fiscal officer of such municipal corporation, if the governing\nboard shall delegate such duty to him, may invest the moneys in such\nfund in the manner provided by section eleven of this article. Any\ninterest earned or capital gain realized on the money so deposited or\ninvested shall accrue to and become part of such fund.\n 5. The chief fiscal officer shall account for this fund separate and\napart from all other funds of the municipal corporation. Such accounting\nshall show: the source, date and amount of each sum paid into the fund;\nthe interest earned by such fund; capital gains or losses resulting from\nthe sale of investments of this fund; the order, purpose thereof, date\nand amount of each payment from this fund; the assets of the fund,\nindicating cash balance and a schedule of investments. The
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