NY Gen Mun L § 6-Q (2021)
2021 New York Laws GMU - General Municipal Article 2 - General Municipal Finances 6-Q - Intermunicipal Agreement for a Joint Capital Reserve Fund in the County of Tompkins.

§  6-q.  Intermunicipal  agreement for a joint capital reserve fund in   the county of Tompkins. 1. As used in this section:a. "Capital improvement" shall have the same meaning as such  term  is   defined in section six-c of this article.b.  "Commission"  shall  mean  the Southern Cayuga Lake intermunicipal   water commission, as established by an  intermunicipal  agreement  among   the member municipalities, pursuant to section one hundred nineteen-o of   this  chapter,  for  the  purposes of constructing and operating a water   filtration plant, storage facilities and transmission facilities in  the   county of Tompkins, among other purposes.c.  "Equipment" shall have the same meaning as such term is defined in   section six-c of this article.d. "Member municipalities" shall mean the villages of  Cayuga  Heights   and  Lansing,  the  towns  of  Dryden, Ithaca and Lansing, and any other   village or town electing to  enter  into  the  intermunicipal  agreement   establishing the Southern Cayuga Lake intermunicipal water commission.2.  Notwithstanding  any  other  provision of law to the contrary, the   member municipalities may,  by  intermunicipal  agreement,  establish  a   joint  capital reserve fund, for the Southern Cayuga Lake intermunicipal   water district, to provide for the financing of all or part of the  cost   of:a.  the  construction,  reconstruction  or  acquisition  of a specific   capital improvement or the acquisition of a specific  item  or  specific   items of equipment;b.  the  construction,  reconstruction  or  acquisition  of  a type of   capital improvement or the acquisition of a type of equipment; orc. a combination of specific and types  of  capital  improvements  and   equipment.3.  Any  agreement  establishing  such  capital  reserve fund shall be   approved by all of the member municipalities.4. The member municipalities shall determine by agreement:a. the maximum amount to be deposited in such capital reserve fund;b. the manner in which such capital reserve fund shall be funded which   may include contributions from each member municipality or retention and   dedication to such fund of surplus revenues generated by  the  operation   of the jointly owned water, storage and transmission facilities; andc.  the manner in which, and the capital improvements and/or equipment   for which the provisions of the local finance law, the  moneys  in  such   capital reserve fund may be expended.5.  Any funds deposited in such capital reserve fund shall be properly   deposited in a separate fund  or  funds  in  depositories  and  properly   secured  in  accordance  with  the  provisions  of the local finance law   governing the deposits  and  investments  of  municipal  funds.  If  the   agreement  establishing such fund so authorizes, the funds deposited may   be held in one or more separate accounts in the name of  the  commission   provided  that  the  person  or persons authorized to withdraw funds are   chief fiscal officers of one or more of the  member  municipalities  and   are  fully  bonded.  Otherwise  such  funds  shall be held in a separate   account jointly in the name of all  member  municipalities  or,  if  the   member   municipalities  agree,  in  the  name  of  one  of  the  member   municipalities for the benefit of all of the member municipalities.6. Except  as  otherwise  expressly  provided  in  this  section,  the   deposit,  investment,  accrual  of interest, expenditure, maintenance of   records and other matters relating  to  the  capital  reserve  shall  be   governed by the provisions of section six-c of this article.