Upon the recommendation and approval of the budget-making authority, the legislative body of any municipality, by a majority vote, may create a reserve fund for capital and nonrecurring expenditures, costs associated with a property tax revaluation and costs associated with the preparation, amendment or adoption of a plan of conservation and development pursuant to section 8-23 . Such fund shall thereafter be termed “reserve fund for capital and nonrecurring expenditures”.
Conn. Gen. Stat. § 7-360
Creation of fund
(1949 Rev., S. 793; P.A. 15-229, S. 2; P.A. 16-180, S. 3.) History: P.A. 15-229 added costs associated with property tax revaluation to purposes for establishing reserve fund; P…
Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.