Resolution No. 24-2013: Establishing a Capital Reserve in the Highway Fund DB to Finance the capital repair of existing Town of Ovid bridges;Resolution No. 25-2013: Resolution Establishing a Capital Reserve in the Highway Fund DB to Finance the acquisition of new Highway Equipment;
Resolution 26-2013: Establishing a Capital Reserve in the General A Fund to Finance the capital acquisition of new town hall and capital repair of existing Town of Ovid Highway Barn
Pursuant to each resolution:
The chief fiscal officer is hereby directed to deposit and secure the moneys of this Reserve Fund in the manner provided by Section 10 of the General Municipal Law. The chief Fiscal officer may invest the moneys in the Reserve Fund in the manner provided by Section 11 of the GML, and consistent with the investment policy of the Town of Ovid. Any interest earned or capital gains realized on the moneys so deposited or invested shall accrue to and become part of the Reserve Fund. The chief fiscal officer shall account for the Reserve Fund in a manner which maintains the separate identity of the Reserve Fund and show the date and amount of each sum paid into the fund, interest earned by the fund, capital gains or losses resulting from the sale of investments of the fund, the amount and date of each withdrawal from the fund and the total assets of the fund, showing cash balance and a schedule of investments, and shall, at the end of each fiscal year, render to the Board a detailed report of the operation and condition of the Reserve Fund.
