General reserve fund

§ 55. General reserve fund. 1. The town board of a suburban town may establish a general reserve fund for the financing of all or part of the cost of town objects or purposes having periods of probable usefulness of at least five years pursuant to paragraph a of section 11.00 of the local finance law, other than objects or purposes for which a reserve fund may be established pursuant to section fifty-five-a or fifty-five-b of this chapter.

2. There may be paid into such fund:

(a) Such an amount as may be provided therefor by budgetary appropriation or transfer or raised by tax therefor.

(b) Such revenues as are not required by law to be paid into any other fund or account, including the proceeds from the sale of any capital improvement or equipment owned by such town.

3. An expenditure may be made from the fund only by an authorization of the town board and only for a specific object or purpose having a period of probable usefulness of at least five years pursuant to paragraph a of section 11.00 of the local finance law. The authorization of such an expenditure shall be subject to a permissive referendum in the manner provided by article seven of this chapter. No expenditure from the fund shall be authorized for that part of the cost of any object or purpose which is to be borne by (a) assessments for benefit, (b) ad valorem taxes upon the real property within an area of benefit within the town, or, (c) ad valorem taxes upon the real property within an area of the town less than the entire area.

4. Nothing contained in this article shall be deemed to prevent the temporary advance of the moneys in the fund pursuant to the provisions of section 165.10 of the local finance law.