Connecticut General Statutes 7-368 – Discontinuance of reserve fund
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Said reserve fund may be discontinued, after recommendation by the budget-making authority to the legislative body and upon approval of said body, and said fund shall be converted into, or added to, a sinking fund to provide for the retirement of its nonserial bonded indebtedness. If the municipality has no bonded indebtedness, such fund shall be transferred to the general fund of the municipality.
Terms Used In Connecticut General Statutes 7-368
- legislative body: means : (1) As applied to unconsolidated towns, the town meeting. See Connecticut General Statutes 1-1
- municipality: means any town, city or borough, whether consolidated or unconsolidated, and any fire district, and "budget-making authority" as applied to towns, cities and boroughs, whether consolidated or unconsolidated, having boards of finance or other bodies charged with preparing the budget, means the board of finance or such other body. See Connecticut General Statutes 7-359