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Assembly Bill A6504

2011-2012 Legislative Session

Authorizes town of Seneca Falls to create a reserve fund for certain temporary revenues

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Archive: Last Bill Status - In Assembly Committee

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2011-A6504 (ACTIVE) - Details

Current Committee:
Assembly Local Governments
Law Section:
General Municipal Law
Laws Affected:
Add ยง6-t, Gen Muni L
Versions Introduced in 2009-2010 Legislative Session:
A3050

2011-A6504 (ACTIVE) - Summary

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.

2011-A6504 (ACTIVE) - Bill Text download pdf 

                            
                    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:

  Section  1.  The  general  municipal  law  is  amended by adding a new
section 6-t to read as follows:
  S 6-T. RESERVE FUND; TEMPORARY REVENUES.  1. THE TOWN OF SENECA  FALLS
IS  AUTHORIZED  TO CREATE A RESERVE FUND FOR CERTAIN 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.
  2.  THE  MONEYS  IN  SUCH  FUND  SHALL BE DEPOSITED AND SECURED IN THE
MANNER PROVIDED BY SECTION TEN OF THIS ARTICLE. THE MONEYS IN SUCH  FUND
SO  DEPOSITED  SHALL  BE ACCOUNTED FOR SEPARATE AND APART FROM ALL OTHER
FUNDS OF THE TOWN OF SENECA FALLS, IN THE SAME  MANNER  AS  PROVIDED  IN
SUBDIVISION TEN OF SECTION SIX-C OF THIS ARTICLE. THE GOVERNING BOARD OR
THE  CHIEF  FISCAL OFFICER OF THE TOWN OF SENECA FALLS, IF THE GOVERNING
BOARD SHALL DELEGATE SUCH DUTY TO HIM OR HER, MAY INVEST THE  MONEYS  IN
SUCH  FUND IN THE MANNER PROVIDED IN SECTION ELEVEN OF THIS ARTICLE. ANY
INTEREST EARNED OR CAPITAL GAINS REALIZED ON THE MONEYS SO DEPOSITED  OR
INVESTED SHALL ACCRUE TO AND BECOME PART OF SUCH FUND.
  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

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