S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7521
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             November 15, 2021
                                ___________
 
 Introduced  by  Sen.  STEC  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the general municipal law, in relation to establishing a
   retired employee health insurance premium reserve fund for the town of
   Saranac

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  general  municipal  law  is  amended by adding a new
 section 6-w to read as follows:
   § 6-W. RETIRED EMPLOYEE HEALTH INSURANCE PREMIUM RESERVE FUND FOR  THE
 TOWN OF SARANAC. 1. AS USED IN THIS SECTION:
   A. "GOVERNING BOARD" MEANS THE GOVERNING BOARD OF THE TOWN OF SARANAC,
 COUNTY OF CLINTON.
   B.  "RESERVE FUND" MEANS THE RETIRED EMPLOYEE HEALTH INSURANCE PREMIUM
 RESERVE FUND.
   2. NOTWITHSTANDING ANY OTHER PROVISION OF LAW  TO  THE  CONTRARY,  THE
 GOVERNING BOARD OF THE TOWN OF SARANAC, COUNTY OF CLINTON, MAY ESTABLISH
 A RETIRED EMPLOYEE HEALTH INSURANCE PREMIUM RESERVE FUND FOR THE PURPOSE
 OF COVERING RETIRED TOWN EMPLOYEE HEALTH INSURANCE PREMIUMS, STABILIZING
 THE  TAX  RATE,  AND ENSURING TRANSPARENCY FOR THE TAXPAYERS AND ELECTED
 OFFICIALS. THERE MAY BE PAID INTO SUCH RESERVE FUND:
   A. SUCH AMOUNTS AS MAY BE PROVIDED THEREFOR BY BUDGETARY APPROPRIATION
 OR RAISED BY TAX THEREFOR;
   B. SUCH REVENUES AS ARE NOT REQUIRED BY LAW TO BE PAID INTO ANY  OTHER
 FUND OR ACCOUNT;
   C. SUCH OTHER FUNDS AS MAY BE LEGALLY APPROPRIATED; AND
   D.  NOTWITHSTANDING  ANY  LAW  TO THE CONTRARY, SUCH AMOUNTS AS MAY BE
 TRANSFERRED FROM A RESERVE FUND ESTABLISHED PURSUANT TO  SECTION  SIX-N,
 SIX-P, OR SIX-R OF THIS ARTICLE COMPRISED OF MONEYS RAISED FROM THE SAME
 TAX  BASE  AS  THE  MONEYS  IN THE RESERVE FUND, PROVIDED, THAT ANY SUCH
 TRANSFER SHALL ONLY BE MADE BY RESOLUTION OF THE GOVERNING BOARD AFTER A
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10678-01-1
              

 S. 7521                             2
 
 PUBLIC HEARING HELD ON AT LEAST FIFTEEN DAYS PRIOR PUBLISHED  NOTICE  IN
 THE  OFFICIAL  NEWSPAPER  OF  THE TOWN OF SARANAC, IF SUCH TOWN DOES NOT
 HAVE AN OFFICIAL NEWSPAPER, IN AT LEAST  ONE  NEWSPAPER  HAVING  GENERAL
 CIRCULATION IN SUCH TOWN.
   3.  THE  MONEYS  IN THE RESERVE FUND SHALL BE DEPOSITED AND SECURED IN
 THE MANNER PROVIDED BY SECTION TEN OF THIS ARTICLE. THE GOVERNING BOARD,
 OR THE CHIEF FISCAL OFFICER THEREOF IF THE GOVERNING BOARD  SHALL  DELE-
 GATE  SUCH DUTY TO HIM OR HER, MAY INVEST THE MONEYS IN SUCH FUND IN THE
 MANNER PROVIDED BY SECTION ELEVEN OF THIS ARTICLE. ANY  INTEREST  EARNED
 OR  CAPITAL  GAIN  REALIZED  ON THE MONEY SO DEPOSITED OR INVESTED SHALL
 ACCRUE TO AND BECOME PART OF SUCH FUND.
   4. THE GOVERNING BOARD BY RESOLUTION MAY AUTHORIZE  EXPENDITURES  FROM
 THE  RESERVE FUND.   EXCEPT AS OTHERWISE PROVIDED BY LAW, MONEYS IN SUCH
 RESERVE FUND MAY ONLY BE EXPENDED TO FINANCE HEALTH  INSURANCE  PREMIUMS
 FOR RETIRED TOWN EMPLOYEES.
   5.  THE  GOVERNING BOARD BY RESOLUTION MAY AUTHORIZE THE TRANSFER OF A
 PORTION OF THE MONEYS IN THE RESERVE FUND TO A RESERVE FUND OF THE  TOWN
 OF  SARANAC  ESTABLISHED  PURSUANT  TO SECTION SIX-N, SIX-P, OR SIX-R OF
 THIS ARTICLE COMPRISED OF MONEYS RAISED FROM THE SAME TAX  BASE  AS  THE
 MONEYS  IN THE RESERVE FUND, PROVIDED, THAT ANY SUCH TRANSFER SHALL ONLY
 BE MADE BY RESOLUTION OF THE GOVERNING  BOARD  ADOPTED  AFTER  A  PUBLIC
 HEARING  HELD  ON  AT  LEAST  FIFTEEN DAYS PRIOR PUBLISHED NOTICE IN THE
 OFFICIAL NEWSPAPER OF THE TOWN OF SARANAC, IF SUCH TOWN DOES NOT HAVE AN
 OFFICIAL NEWSPAPER, IN AT LEAST ONE NEWSPAPER HAVING GENERAL CIRCULATION
 IN SUCH TOWN.
   6. THE CHIEF FISCAL OFFICER OF THE TOWN OF SARANAC SHALL  ACCOUNT  FOR
 THE  RESERVE  FUND SEPARATE AND APART FROM ALL OTHER FUNDS OF SUCH TOWN.
 SUCH ACCOUNTING SHALL SHOW: THE SOURCE, DATE AND AMOUNT OF EACH SUM PAID
 INTO THE FUND; THE INTEREST EARNED BY SUCH FUND; CAPITAL GAINS OR LOSSES
 RESULTING FROM THE SALE OF INVESTMENTS OF THIS FUND; THE ORDER,  PURPOSE
 THEREOF,  DATE  AND AMOUNT OF EACH PAYMENT FROM THIS FUND; THE ASSETS OF
 THE FUND, INDICATING CASH BALANCE AND A  SCHEDULE  OF  INVESTMENTS.  THE
 CHIEF  FISCAL OFFICER, WITHIN SIXTY DAYS OF THE END OF EACH FISCAL YEAR,
 SHALL FURNISH A DETAILED REPORT OF THE OPERATION AND CONDITION  OF  THIS
 FUND TO THE GOVERNING BOARD.
   7.  THE MEMBERS OF THE GOVERNING BOARD ARE HEREBY DECLARED TRUSTEES OF
 THE RESERVE FUND AND SHALL BE SUBJECT TO ALL THE DUTIES AND RESPONSIBIL-
 ITIES IMPOSED BY LAW ON TRUSTEES, AND SUCH DUTIES  AND  RESPONSIBILITIES
 MAY  BE  ENFORCED  BY THE TOWN OF SARANAC, AS THE CASE MAY BE, OR BY ANY
 BOARD, COMMISSION, AGENCY, OFFICER OR TAXPAYER THEREOF.
   8. NO MEMBER OF THE GOVERNING BOARD SHALL:
   A. AUTHORIZE A WITHDRAWAL FROM A RETIREMENT CONTRIBUTION RESERVE  FUND
 FOR ANY PURPOSE EXCEPT AS PROVIDED IN THIS SECTION; OR
   B.  EXPEND ANY MONEY WITHDRAWN FROM SUCH FUND FOR A PURPOSE OTHER THAN
 AS PROVIDED IN THIS SECTION.
   ANY MEMBER OF THE GOVERNING BOARD WHO VIOLATES THE PROVISIONS OF  THIS
 SUBDIVISION SHALL BE GUILTY OF A MISDEMEANOR.
   9.  THE  GOVERNING  BOARD BY RESOLUTION MAY DETERMINE THAT THE RESERVE
 FUND IS NO LONGER NEEDED AND TERMINATE SUCH FUND. SUCH RESOLUTION  SHALL
 TRANSFER  ANY MONEYS REMAINING IN SUCH FUND TO ONE OR MORE RESERVE FUNDS
 OF THE TOWN OF SARANAC ESTABLISHED PURSUANT TO SECTION SIX-N, SIX-P,  OR
 SIX-R  OF THIS ARTICLE COMPRISED OF MONEYS RAISED FROM THE SAME TAX BASE
 AS THE MONEYS IN THE RESERVE FUND.
   § 2. This act shall take effect immediately.