S T A T E O F N E W Y O R K
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10145--A
I N A S S E M B L Y
March 20, 2018
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Introduced by M. of A. BUCHWALD, GALEF, ZEBROWSKI, McDONALD, SEAWRIGHT,
RIVERA, BARRON, CAHILL, LAVINE, CROUCH, GIGLIO, COOK, OAKS -- Multi-
Sponsored by -- M. of A. BARCLAY, SIMON -- read once and referred to
the Committee on Education -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
AN ACT to amend the general municipal law, in relation to authorizing
all school districts to establish reserve funds
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (a) of subdivision 2 of section 6-n of the gener-
al municipal law, as separately amended by chapters 414 and 416 of the
laws of 2016, is amended to read as follows:
(a) The governing board of any municipal corporation may establish a
reserve fund to be known as the insurance reserve fund. Upon the
creation of the fund, the municipality may make expenditures from the
fund for any loss, claim, action or judgment for which the municipal
corporation is authorized or required to purchase or maintain insurance,
except those kinds of risks for which insurance is authorized pursuant
to paragraph one, two, three, fifteen, sixteen, seventeen, eighteen,
twenty-two or twenty-three of subsection (a) of section one thousand one
hundred thirteen of the insurance law, or for payments in lieu of
contributions under article eighteen of the labor law; provided however,
that no municipality shall make an expenditure from such fund for any
loss, claim, action or judgment for which the municipal corporation has
established a reserve fund under any other provision of law; provided,
further that [the Scarsdale union free school district and the Vernon
Verona Sherrill central school district may establish insurance reserve
funds in compliance with this section and article seventy-four of the
education law and the Minisink Valley central] ANY school district may
establish insurance reserve funds in compliance with this section and
article seventy-four of the education law, IN AN AMOUNT AND MANNER
DETERMINED BY A QUALIFIED AND INDEPENDENT ACTUARY CERTIFIED BY THE AMER-
ICAN ACADEMY OF ACTUARIES TO BE REASONABLE AND NECESSARY, and such
school districts may make expenditures in compliance with this section
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14686-03-8
A. 10145--A 2
and article seventy-four of the education law from such reserve fund for
any loss, claim, action or judgment for which the school districts are
authorized or required to purchase or maintain insurance for the kinds
of risks for which insurance is authorized pursuant to paragraph three
of subsection (a) of section one thousand one hundred thirteen of the
insurance law.
§ 2. This act shall take effect on the first of July next succeeding
the date on which it shall have become a law.