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HomeMy WebLinkAboutJ -16 Sewer Improvement Capital Reserve FundTown of Cortlandville Town Board Meeting — September 20, 2023 — DRAFT RESOLUTIONS RESOLUTION # AUTHORIZE SUPERVISOR TO INCREASE THE WATER IMPROVEMENT CAPITAL RESERVE FUND FROM $500.000.00 TO $1.000.000.00 Motion by Councilman Seconded by Councilman Guido VOTES: AYE— NAY — ADOPTED WHEREAS, per Town Board Resolution #39 of 1983, adopted January 5, 1983, the Town Board established a Water Improvement Capital Reserve Fund to "finance the cost of construction, reconstruction, acquisition for water improvements" with the intent to "accumulate all/part of the cost of water improvements" with the maximum cost of which estimated to be $500,000.00, and WHEREAS, it has been 40 years since the reserve fund was established and the cost of construction, reconstruction, and acquisition for water improvements has increased significantly and it is the intent of this Board to increase the maximum amount of money allowed in the Water Improvement Capital Reserve Fund from $500,000.00 to $1,000,000.00, therefore BE IT RESOLVED, the Town Board does hereby authorize and direct the Supervisor to increase the Water Improvement Capital Reserve Fund to a maximum of $1,000,000.00. RESOLUTION # AUTHORIZE SUPERVISOR TO INCREASE THE SEWER IMPROVEMENT CAPITAL RESERVE FUND FROM $500.000.00 TO $1.000.000.00 Motion by Councilman Seconded by Councilman Guido VOTES: AYE — NAY — ADOPTED WHEREAS, per Town Board Resolution #208 of 1985, adopted December 4, 1985, the Town Board established a Sewer Improvement Capital Reserve Fund to "finance the cost of construction, reconstruction, acquisition for sewer improvements" with the intent to "accumulate all/part of the cost of sewer improvements" with the maximum cost of which estimated to be $500,000.00, and WHEREAS, it has been 38 years since the reserve fund was established and the cost of construction, reconstruction, and acquisition for sewer improvements has increased significantly and it is the intent of this Board to increase the maximum amount of money allowed in the Sewer Improvement Capital Reserve Fund from $500,000.00 to $1,000,000.00, therefore BE IT RESOLVED, the Town Board does hereby authorize and direct the Supervisor to increase the Sewer Improvement Capital Reserve Fund to a maximum of $1,000,000.00.