NY Gen Mun L § 6-J (2021)
2021 New York Laws GMU - General Municipal Article 2 - General Municipal Finances 6-J - Workmen's Compensation Reserve Fund.

§  6-j. Workmen's compensation reserve fund. 1. The governing board of   any municipal corporation, school district or fire district,  which  is,   or  shall  hereafter  become  a  self-insurer  under  the  provisions of   subdivision four of section fifty of the workers'  compensation  law  or   section  thirty of the volunteer firefighters' benefit law may establish   a reserve fund to be known as the workers' compensation reserve fund  of   such municipal corporation, school district or fire district.2.  There  may  be  paid into any such fund (a) such amounts as may be   provided therefor by budgetary appropriations and (b) such other sums as   may be legally appropriated.3. The moneys in such fund shall  be  deposited  and  secured  in  the   manner  provided  by section ten of this article. The money in such fund   so deposited shall be accounted for separate and apart  from  all  other   funds of the municipality, school district or fire 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  municipality,   school  district or fire 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 gain realized on the money so deposited or invested shall accrue   to and become part of such fund. The  separate  identity  of  such  fund   shall be maintained whether its assets consist of cash or investments or   both.4. An expenditure shall be made from such fund only for the payment of   compensation and benefits, medical, hospital or other expense authorized   by  article  two  of  the workers' compensation law and by the volunteer   firefighters'  benefit   law   and   expenses   of   administering   the   self-insurance  program  for such municipal corporation, school district   or fire district.5. If at the end of any fiscal year the  moneys  in  such  fund  shall   exceed  the  amounts required to be paid pursuant to subdivision four of   this section plus any additional amount  required  to  pay  all  pending   claims,  the  governing  board  of  the  municipal  corporation,  school   district, board of cooperative educational  services  or  fire  district   may,  within  sixty days of the close of such fiscal year, elect to: (a)   transfer said excess, or any part thereof, to  any  fund  authorized  by   this  article  or  section thirty-six hundred fifty-one of the education   law; and/or (b) apply said excess, or any part  thereof  to  the  budget   appropriation of the next succeeding fiscal year.6.  If  the  municipal  corporation,  school district or fire district   shall, after the establishment of such fund, cease to be a self-insurer,   the moneys remaining in such fund may be transferred to any  other  fund   authorized  by  this  chapter or section thirty-six hundred fifty-one of   the education law only to the extent that the moneys in such fund  shall   exceed  in  amount the sum sufficient to pay all expenditures authorized   in paragraph numbered four, both accrued and contingent.