N.Y. General Municipal Law Section 6-K
Electric utility depreciation reserve funds

The governing board of any municipal corporation operating an electric public utility service shall establish solely by appropriations from the revenues of such service, a depreciation reserve fund, the assets of which shall be used solely for, and for no other purpose than, the improvement, extension, or replacement of such service, or the payment of indebtedness incurred in relation to the construction, improvement, extension or replacement of such service, except as otherwise provided in section 123.00 of the local finance law and § 8 (Application of revenues of a public improvement or part thereof, or service)section eight of this article. Such governing board shall require that out of the revenues of such service there shall be deposited in the reserve fund, annually, quarterly, or monthly in its discretion, the amounts entered in the depreciation reserve account of such service as the depreciation accruals for any such period. A depreciation reserve account is an account in which the original cost of the service is being distributed to expenses in substantially equal annual, quarterly or monthly amounts during the expected service life of the component parts of the service, by direction of the public service commission. The moneys in the fund shall be deposited and secured in the manner provided by § 10 (Deposits of public money)section ten of this article. The governing board, or the chief fiscal officer of such municipal corporation if the governing board shall delegate such duty to him, may invest the moneys of such fund in the manner provided in § 11 (Temporary investments)section eleven of this article. Any interest earned or capital gains realized on the moneys so deposited or invested shall accrue to and become part of the fund. The separate identity of the fund shall be maintained whether its assets consist of cash or investments or both.

Source: Section 6-K — Electric utility depreciation reserve funds, https://www.­nysenate.­gov/legislation/laws/GMU/6-K (updated Sep. 22, 2014; accessed Oct. 26, 2024).

3
Compensation for property of a municipal corporation, school district or district corporation taken by eminent domain 3‑A
Rate of interest on judgments and accrued claims against municipal corporations 3‑B
Limitation on real estate tax in New York city 3‑C
Limit upon real property tax levies by local governments 4
Investigation of expenditures of towns and villages 5
Payment of fines, civil penalties, rent, rates, taxes, fees, charges and other amounts by credit card 5‑A
Electronic or wire transfers 5‑B
Collection of fines, civil penalties, rent, rates, taxes, fees, charges and other amounts via the internet 6‑C
Capital reserve funds for counties, cities, villages, towns and sewer and water improvement districts 6‑D
Repair reserve funds for municipal corporations, school districts, district corporations and improvement districts 6‑E
Contingency and tax stabilization reserve fund for municipal corporations 6‑F
Snow and ice removal and road repair reserve funds for municipal corporations 6‑G
Capital reserve funds for fire districts 6‑H
Reserve fund for payment of bonded indebtedness in counties, cities, villages, towns and fire districts 6‑I
Airport development and amortization funds 6‑J
Workmen’s compensation reserve fund 6‑K
Electric utility depreciation reserve funds 6‑L
Mandatory reserve fund for municipal corporations, fire districts and school districts 6‑M
Unemployment insurance payment reserve fund 6‑N
Insurance reserve fund 6‑O
Solid waste management facility reserve funds 6‑P
Employee benefit accrued liability reserve fund 6‑Q
Intermunicipal agreement for a joint capital reserve fund in the county of Tompkins 6‑R
Retirement contribution reserve funds 1 6‑S
Community preservation funds 6‑T
Charitable gifts reserve fund 6‑U
Charitable gifts reserve fund 6‑V
Asset forfeiture escrow fund 7
Payment of municipal bonds 8
Application of revenues of a public improvement or part thereof, or service 9
Use of tax moneys raised outside constitutional tax limit 9‑A
Inter-fund advances 10
Deposits of public money 11
Temporary investments 12
Deposits of public authorities, public benefit corporations and other corporations 20
Special population census: population data 21
Cancellation of unpaid checks or drafts 22
Claims against fire insurance proceeds 23
Flexible benefits program 24
Corporation for the benefit of the city of New York 25
Treatment of capital costs and certain fund balances of the city of New York
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 6-K’s source at nysenate​.gov

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