NY Gen Mun L § 6-D (2021)
2021 New York Laws GMU - General Municipal Article 2 - General Municipal Finances 6-D - Repair Reserve Funds for Municipal Corporations, School Districts, District Corporations and Improvement Districts.

§  6-d.  Repair  reserve  funds  for  municipal  corporations,  school   districts, district  corporations  and  improvement  districts.  1.  The   governing  board of any municipal corporation, school district, district   corporation, or town or county improvement  district,  may  establish  a   special  fund  which  shall  be known as the repair reserve fund of such   municipal  corporation,  school  district,   district   corporation   or   improvement  district. There may be paid into such fund an amount as may   be provided therefor by budgetary appropriation or such revenues as  are   not required by law to be paid into any other fund or account.2. In cases of emergency, moneys in such fund may be expended pursuant   to  a  resolution approved by not less than two-thirds of the members of   the governing body  of  such  municipal  corporation,  school  district,   district  corporation  or  improvement  district providing that not less   than one-half of the moneys so expended shall be repaid  in  the  fiscal   year  immediately  following  the  fiscal year in which such moneys were   expended and the total amount shall be repaid not later  than  the  last   day  of  the  second fiscal year succeeding the fiscal year in which the   moneys were expended.Prior to the adoption of any other resolution, act, ordinance or local   law by  the  governing  board  of  such  municipal  corporation,  school   district,  district  corporation  or improvement district, appropriating   money from such fund, the governing board shall cause to be published in   the official  newspaper  or  newspapers,  if  any,  or  otherwise  in  a   newspaper or newspapers designated for such purpose, a notice stating in   substance that it is proposed to appropriate a specified amount from the   repair  reserve fund for a particular purpose, and that a public hearing   on such proposed appropriation will be held at a time and  place  stated   therein. At least five days shall elapse between the publication of such   notice and the date specified for the hearing. The hearing shall be held   at the time and place so specified.3. Moneys in such fund may be appropriated only:a. For repairs of capital improvements or equipment, which repairs are   of a type not recurring annually or at shorter intervals.b.  In  the case of a municipal corporation, to a capital reserve fund   established  pursuant  to  section  six-c  of  this  article  or  to   a   contingency  and  tax stabilization reserve fund established pursuant to   section six-e of this article.c. In the  case  of  a  fire  district,  to  a  capital  reserve  fund   established pursuant to section six-g.d.  In  the  case  of a school district, to a reserve fund established   pursuant to section thirty-six hundred fifty-one of the education law.4. 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   municipal   corporation,  school  district,  district   corporation or improvement district, 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 such municipal corporation, school district,   district  corporation  or  improvement  district, if the governing board   shall delegate such duty to him, 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.5.  The  members of the governing board of such municipal corporation,   school district, district corporation or improvement district are hereby   declared trustees of such fund and shall be subject to  all  the  duties   and  responsibilities  imposed  by  law on trustees, and such duties and   responsibilities may be enforced by such municipal  corporation,  school    district,  district corporation or improvement district, as the case may   be, or by any board, commission, agency, officer or taxpayer thereof.6.  The  members of the governing board of such municipal corporation,   school district or district corporation shall be guilty of a misdemeanor   if they:a. Authorize a withdrawal from a repair reserve  fund  for  any  other   purpose except as provided in this section.b. Expend any money withdrawn from a repair reserve fund for a purpose   other than that as provided in this section.7.  Notwithstanding  the  foregoing provisions of this section, in any   town which is located wholly or partly within the  Adirondack  park  and   has  within  its  boundaries state lands subject to taxation assessed at   more than thirty per centum of the total taxable assessed  valuation  of   town  as  determined  from the assessment rolls of the town as completed   from time to  time,  or  in  any  district  corporation  or  improvement   district situated in whole or in part in any such town, a repair reserve   fund shall not be established unless the state comptroller, on behalf of   the  state,  shall  consent  thereto,  and  in any such town or district   corporation or improvement district no appropriation shall be made  from   a  repair  reserve  fund  unless the state comptroller, on behalf of the   state, shall consent thereto.8. Moneys of a municipal  corporation,  school  district  or  district   corporation   which,   upon  June  thirtieth,  nineteen  hundred  fifty,   constitute a repair reserve fund of such municipal  corporation,  school   district  or  district  corporation,  shall  continue to so constitute a   special fund and be known as the repair reserve fund of  such  municipal   corporation,  school  district  or  district corporation. From and after   such date, payments to, and appropriations  from,  such  fund  shall  be   subject to the foregoing provisions of this section.