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”.
(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.A. 16-180 added provision re costs associated with preparation, amendment or adoption of plan of conservation and development pursuant to Sec. 8-23 and made a technical change.
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