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CREATION OF CAPITAL RESERVE, SUBJECT TO PERMISSIVE REFERENDUM

CREATION OF CAPITAL RESERVE, SUBJECT TO PERMISSIVE REFERENDUM

NOTICE IS HEREBY GIVEN that at a regular meeting held on the 14th day of December, 2021, the Town Board of the Town of Ulysses, New York duly adopted Resolution #226 of 2021, an abstract of which follows below, which is subject to a permissive referendum pursuant to General Municipal Law section 6-c.
The resolution authorizes the Town of Ulysses (“the Town”) to use up to $35,000 to create “SW3-231 / SW3-883 Vehicle Reserve Fund.”
The resolution shall take effect 30 days after adoption, i.e., on January 15, 2022, unless by such date there is filed in the office of the town clerk a petition, signed, and acknowledged or proved, or authenticated by electors of the town qualified to vote upon a proposition to raise and expend money, in number equal to at least five percent of the total vote cast for governor in the Town at the last general election held for the election of state officers, but not be less than 100 in a town of the first class, protesting against the resolution and requesting that it be submitted to the qualified electors of the town, for their approval or disapproval.
 
RESOLUTION 2021-226: ESTABLISHING THE “SW3-231 / SW3-883 VEHICLE RESERVE FUND” OF THE TOWN OF ULYSSES- A SPECIFIC CAPITAL RESERVE FUND FOR THE SW3 FUND VEHICLE UNDER SECTION 6-C OF THE GENERAL MUNICIPAL LAW, SUBJECT TO PERMISSIVE REFERENDUM
WHEREAS, there is a requirement to state the specific purpose and estimated maximum cost of the equipment in the resolution establishing a Specific Capital Reserve Fund, and
WHEREAS, the purpose of this Reserve Fund is to accumulate moneys to finance the water district’s share of the cost of a vehicle for the use of Water District’s 3 operations, with the estimated maximum cost of $35,000, and
WHEREAS, the 2021 Town of Ulysses Budget specified the creation and addition of this specific reserve, now therefore be it
RESOLVED by the Town Board of the Town of Ulysses, duly convened in regular session as follows:
That pursuant to N.Y General Municipal Law (N.Y. GML) §6-c there be and hereby is established a specific capital reserve fund to cover the cost of the future purchase of SW3 fund vehicle.
Such specific capital reserve fund is to be known as the “SW3-231 / SW3-883 Vehicle Reserve Fund.”
Such additional sums as may hereafter be appropriated shall become part of the SW3-231 / SW3-883 Vehicle Reserve Fund.
The Town Supervisor, in her/his discretion, may invest the moneys in the fund in the manner provided in section 6-f of the General Municipal Law of the State of New York. Any interest earned or capital gains realized on the moneys so deposited or invested shall accrue to and become a part of the reserve fund.
No expenditure shall be made from the reserve fund except by authorization of the Town Board of the Town of Ulysses pursuant to the provisions of section 6-c of the General Municipal Law of the State of New York.
The Chief Fiscal Officer of the Town shall account for this fund in the manner outlined in N.Y. GML 6- c(10).
8. In accordance with N.Y. General Municipal Law Section 6-c(11) the members of the Town Board for the duration of their respective terms on the board are hereby declared trustees of this SW3-231 / SW3-883 Vehicle Reserve Fund and shall be subject to all the duties and responsibilities imposed by law on trustees.
This resolution shall take effect on the day following the thirtieth day after publication of notice by the Town Clerk regarding its adoption stating that it is subject to a permissive referendum unless a petition for referendum is received by the Town Clerk by the requisite number of voters in which case the resolution shall only become effective upon being certified by the Board of Elections as adopted following a duly held election.
FURTHER RESOLVED that pursuant to General Municipal Law 6-c, this resolution is subject to permissive referendum conducted in accordance with Article 7 of the N.Y. Town Law; and be it
FURTHER RESOLVED that the Town Clerk will post public notice of the permissive referendum in accordance with law and provide a copy of such notice to the Town Supervisor.
Vote: 5-0
Date Adopted: 12/14/21
 
Carissa Parlato
Ulysses Town Clerk
12/16/21