(a) In this section, “reserve account” means a continuing, nonlapsing account or fund in which money is retained to support appropriations that have become unfunded.
(b) By ordinance or local law, after notice and hearing, a county may establish one or more reserve accounts.
(c) An ordinance or a local law that establishes a reserve account shall provide for:
(1) requirements for the accumulation of a fixed amount of money, a percentage of designated revenues, or both;
(2) the circumstances under which the account may be used; and
(3) the use of any earnings on the account.