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T A B L E O F C O N T E N T S P RT I A ... - Broome County

T A B L E O F C O N T E N T S P RT I A ... - Broome County

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§ 52-13 RESERVE FUNDS § 52-17<br />

§ 52-13. Investment of funds.<br />

The money in the Contingency and Tax Stabilization Reserve Fund shall be deposited in one<br />

or more of the banks or trust companies designated as depositories of the <strong>County</strong> funds. The<br />

Commissioner of Finance may invest the money in such fund in obligation(s) specified in<br />

§ 11 of the General Municipal Law. Any interest earned or capital gain realized on the money<br />

so invested shall accrue to and become part of the Contingency and Tax Stabilization Reserve<br />

Fund.<br />

§ 52-14. Fund accounting.<br />

The Commissioner of Finance shall account for the Contingency and Tax Stabilization<br />

Reserve Fund pursuant to § 6-e of the General Municipal Law.<br />

§ 52-15. Trustees of fund.<br />

The members of the <strong>Broome</strong> <strong>County</strong> Legislature are hereby designated trustees of the<br />

Contingency and Tax Stabilization Reserve Fund and are subject to fiduciary duties and<br />

responsibilities of trustees imposed by law on trustees, and such duties and responsibilities<br />

may be enforced by the municipal corporation known as the "<strong>County</strong> of <strong>Broome</strong>," or by any<br />

board, commission, agency, officer, or taxpayer of the <strong>County</strong>.<br />

§ 52-16. Wrongful expenditure of funds.<br />

Any officer of <strong>Broome</strong> <strong>County</strong> that willfully and knowingly causes the <strong>County</strong> to appropriate<br />

money from the Contingency and Tax Stabilization Reserve Fund for any purpose not<br />

authorized by § 6-e of the General Municipal Law or expends any moneys from the<br />

Contingency and Tax Stabilization Reserve Fund for a purpose other than that for which it<br />

was appropriated shall be guilty of a misdemeanor as set forth in § 6-e of the General<br />

Municipal Law.<br />

§ 52-17. When effective.<br />

This article is subject to a permissive referendum pursuant to § 24(2)(h) of the Municipal<br />

Home Rule Law and §§ 101 through 103 of the <strong>County</strong> Law and shall take effect not less<br />

than 45 days after its adoption and after a public hearing before and approval by the <strong>County</strong><br />

Executive and filing with the New York State Secretary of State.<br />

52:5 02 - 01 - 2010

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