§ 20D-5. Environmental Legacy Debt Reserve Fund.

A. 

Fund accounts. The Town Comptroller shall establish and maintain separately designated accounts, pursuant to New York State General Municipal Law § 6-h, to be known as the "environmental legacy debt reserve fund accounts," and may establish one or several such accounts for the purposes set forth herein, as may be required by proper accounting procedures.

B. 

Scope of fund. These accounts shall be used, pursuant to New York State General Municipal Law § 6-h, to accumulate all or any part of the revenues designated by the Town Board for payment of any bonded indebtedness incurred by the town in pursuing the purposes set forth herein.

C. 

Deposits. These accounts shall be the repository for revenues collected by the town through real property taxes assessed against the whole town tax rate, commencing December 1, 2000, and from such sources not derived from real property taxes, as the Town Board may determine, in its sole discretion, where permitted by the laws of the State of New York. Except for moneys derived from the issuance and sale of serial bonds, revenues shall be transferred from the above-referenced capital fund accounts, as the Town Board may determine to be necessary, in its sole discretion.

D. 

Prohibition. Moneys from this fund shall not be used for any purposes other than payment of any bonded indebtedness incurred pursuant of the purposes of this chapter.