322.2001
RESOLUTION ESTABLISHING NEW CAPITAL RESERVE FUND #64
FOR CAPITALIZATION OF CAPITAL IMPROVEMENT PLAN
RESOLUTION NO.: 322, 2001
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Daniel Stec
WHEREAS, by Resolution No.: 248,2001 the Queensbury Town Board authorized adoption
of the Policy Authorizing and Establishing a Capital Improvement Plan for the Town of Queensbury
(CIP), and
WHEREAS, the Town Board wishes to establish a Capital Reserve Fund for capitalization of
the CIP in accordance with New York State General Municipal Law §6(c) and as set forth in the CIP,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes and directs the
establishment of a Capital Reserve Fund for the purpose of capitalization of the Capital Improvement
Plan Policy for the Town of Queensbury (CIP) as follows:
1.The Capital Reserve Fund shall be known as “Capital Reserve Fund #64,” which Fund
will establish fund expenditures associated with the CIP authorized by Town Board
Resolution No.: 248,2001;
2.Initial Funding for the Capital Reserve Fund #64 shall be by a transfer of surplus fund
balance from the General Fund in the amount of $2.5 million.
3.Such amounts as may be provided for by budgetary appropriation shall be paid into
Capital Reserve Fund #64;
4.Such revenues not otherwise appropriated or required by law to be paid into any other
fund or account may be paid into Capital Reserve Fund #64;
5.No transfers shall be made from Capital Reserve Fund #64 except by Town Board
Resolution pursuant to requirements of the CIP Policy;
and
BE IT FURTHER,
RESOLVED, that the Town Board hereby authorizes and directs the Town Comptroller’s
Office to establish Capital Reserve Fund #64 in accordance with General Municipal Law §6(c), transfer
funds, amend the 2001 Town Budget and take such other and further action necessary to effectuate the
terms and provisions of this Resolution.
th
Duly adopted this 8 day of August, 2001, by the following vote:
AYES : Mr. Brewer, Mr. Brower, Mr. Turner, Mr. Stec
NOES : None
ABSENT: Mr. Martin