NY S07756

Amends General Municipal Law to allow the Minisink Valley central school district to establish insurance reserve funds in compliance with section 6-n of the general municipal law and article seventy-four of the education law.

Expands existing provisions that previously applied only to the Scarsdale union free school district to now include the Minisink Valley central school district.

Permits both school districts to make expenditures from insurance reserve funds for losses, claims, actions, or judgments related to risks covered under paragraph three of section 1113(a) of the insurance law.

Requires any school district with an insurance reserve fund to adopt and post a written policy on its website that includes the fund's purpose, optimal funding level, intended duration, conditions for use and replenishment, periodic board analysis of balances, and procedures for reducing or discontinuing the fund.

Takes effect immediately upon enactment.