NY S06876

Amends General Municipal Law Section 6-n to allow the Vernon Verona Sherrill central school district to establish insurance reserve funds, in addition to the existing authority granted to the Scarsdale union free school district.

Permits both school districts to make expenditures from their insurance reserve funds for losses, claims, actions, or judgments for which they are authorized or required to purchase or maintain insurance.

Limits the types of risks covered by the insurance reserve funds to those authorized under paragraph three of subsection (a) of Insurance Law Section 1113, which covers certain specific insurance categories.

Requires both school districts to comply with General Municipal Law Section 6-n and Article 74 of the Education Law when establishing and managing their insurance reserve funds.