Sec. 7-361. Procurement of fund.
Sec. 7-361. Procurement of fund. Upon the recommendation of the budget-making authority and approval by the legislative body, there shall be paid into such reserve
fund (a) amounts authorized to be transferred thereto from the general fund cash surplus
available at the end of any fiscal year, (b) amounts raised by the annual levy of a tax
not exceeding four mills for the benefit of such fund, and for no other purpose, such tax
to be levied and collected in the same manner and at the same time as the regular annual
taxes of the municipality or (c) surplus cash funds already held in reserve and available
for such capital or nonrecurring expenditures as are contemplated by the terms of section
7-364. All money so accumulated, as hereinbefore provided, together with all interest
that accrues thereon, shall be deposited in a separate bank account by the treasurer of
the municipality.
(1949 Rev., S. 794; P.A. 91-103.)
History: P.A. 91-103 increased the maximum annual levy from two to four mills.