HomeMy WebLinkAboutTB 2023-157 Establish Reserve Fund for Payment of Bonded Indebtedness--PW Office ExpansionMEETING OF THE ITHACA TOWN BOARD
September 25, 2023
TB Resolution 2023 -157: Establishing a Reserve Fund for Payment of Bonded Indebtedness forthe Public Works Facility Office Expansion and Transferring $300,000 into the Reserve Fund
from the General Fund
Resolvedthat pursuant to Section 6-h of the New York General Municipal Law, there is hereby established a reserve fund for payment of bonded indebtedness for the Town of Ithaca’s Public
Works Facility Office Expansion project to be known as the “Public Works Facility Office Expansion – 2020-A Bond Payment Reserve Fund” (hereinafter “Reserve Fund”). The purpose of this
Reserve Fund is to accumulate money to pay the principal and interest related to the Public Works Facility Office Expansion included in the Series 2020-A Bond Issue. The Town Board
further authorizes the initial transfer and deposit into this Reserve Fund of $300,000 from the unreserved fund balance in the General Fund, which will cover three years of principal
and interest payments. The Town Board may authorize future payments into the Reserve Fund from unreserved fund balance and/or through budget appropriations, now, therefore be it
Resolved that the Town Supervisor is hereby directed to deposit and secure the moneys of this Reserve Fund in the manner provided by Section 10 of the New York General Municipal Law.
The Town Supervisor may invest the money in the Reserve Fund in the manner provided by Section 11 of the New York General Municipal Law, and consistent with the investment policy of
the Town of Ithaca. Any interest earned or capital gains realized on the moneys so deposited or invested shall accrue to and become part of the Reserve Fund. The Town Supervisor shall
account for the Reserve Fund in a manner which maintains the separate identity of the Reserve Fund and shows the date and amount of each sum paid into the fund, interest earned by the
fund, capital gains or losses resulting from the sale of investments of the fund, the amount and date of each withdrawal from the fund and the total assets of the fund, showing cash
balance and a schedule of investments, and shall, at the end of each fiscal year, render to the Board a detailed report of the operation and condition of the Reserve Fund, and be it
further
Resolved that except as otherwise provided by law, expenditures from this Reserve Fund shall be made only for the purpose for which the Reserve Fund is established. No expenditure shall
be made from this Reserve Fund without the approval of the Ithaca Town Board and such additional actions or proceedings as may be required by Section 6-h of the New York General Municipal
Law and any other law.
Moved: Eric Levine Seconded: Bill Goodman
Vote: Howe, DePaolo, Levine, Rosen & Goodman
STATE OF NEW YORK)
COUNTY OF TOMPKINS) SS:
TOWN OF ITHACA:I, Ashley Colbert, Deputy Town Clerk of the Town of Ithaca, do hereby certify that the above resolution is an exact copy of the same adopted by the Ithaca Town Board at
a meeting on the 25th day of September, 2023. ______________________________
SEALAshley Colbert, DeputyTown Clerk