NY A02765

Authorizes the town of Saranac in Clinton County to establish a retired employee health insurance premium reserve fund for paying retired town employee health insurance premiums and stabilizing tax rates.

Permits funding through budgetary appropriations, tax revenues not required elsewhere, legally appropriated funds, and transfers from other reserve funds established under sections 6-n, 6-p, or 6-r after a public hearing with at least 15 days' notice.

Requires the chief fiscal officer to maintain separate accounting of the reserve fund and submit detailed annual reports to the governing board within 60 days of each fiscal year's end.

Designates governing board members as trustees with fiduciary duties; violations of fund expenditure restrictions constitute a misdemeanor.

Allows the governing board to terminate the fund by resolution, transferring remaining moneys to other reserve funds with the same tax base.