[Adopted 12-21-1999 by L.L. No. 18-1999 (Ch. 23, Art. I, of the 1995 Code)]
This article is entitled "Facilities Reserve Fund of the Town of Ogden."
This article is established pursuant to the authority granted to the Town Board pursuant to § 55 of the Town Law and § 11.00 of the Local Finance Law of the State of New York.
The specific object or purpose of this article is to establish a reserve fund for the purposes of funding future construction, reconstruction, repair, replacement and improvement of existing and proposed facilities of the Town of Ogden and the accompanying lands upon which such facilities are located.
Any expenditure from the fund shall only be made by resolution of the Town Board, which resolution shall be subject to a permissive referendum as provided for by the Town Law. No expenditure of funds shall be authorized which are not in compliance with the provisions of § 11.00 of the Local Finance Law.