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.