* § 3653. Insurance reserve funds. In addition to the provisions of
this article and to the provisions of section six-n of the general
municipal law, any school district that establishes and maintains an
insurance reserve fund to make expenditures from such reserve fund for
any loss, claim, action, or judgment for which the school district is
authorized or required to purchase or maintain insurance for the kinds
of risks for which insurance is authorized pursuant to paragraph three
of subsection (a) of section eleven hundred thirteen of the insurance
law, pursuant to section six-n of the general municipal law or any other
chapter of law, shall make all reserve fund transactions transparent to
the public by adopting a written insurance reserve fund policy, to be
posted on the school district's website, that includes: the purpose of
the reserve fund, the optimal amount of funding of the reserve fund, its
intended duration, the conditions under which reserve fund assets will
be used or replenished, a periodic analysis by the school board of the
reserve fund balances to determine if reserves are at reasonable and
appropriate levels, how the school authorities should reduce reserve
funds to reasonable levels when conditions warrant, how school
authorities will discontinue the reserve fund if no longer needed and
any additional policies that the school authorities deem appropriate.

* NB There are 2 § 3653's