N.Y. Education Law § 3653: Insurance reserve funds

* § 3653. Insurance reserve funds. In addition to the provisions of

this article and to the provisions of section six-n of the general

municipal law, any school district that establishes and maintains an

insurance reserve fund to make expenditures from such reserve fund for

any loss, claim, action, or judgment for which the school district is

authorized or required to purchase or maintain insurance for the kinds

of risks for which insurance is authorized pursuant to paragraph three

of subsection (a) of section eleven hundred thirteen of the insurance

law, pursuant to section six-n of the general municipal law or any other

chapter of law, shall make all reserve fund transactions transparent to

the public by adopting a written insurance reserve fund policy, to be

posted on the school district's website, that includes: the purpose of

the reserve fund, the optimal amount of funding of the reserve fund, its

intended duration, the conditions under which reserve fund assets will

be used or replenished, a periodic analysis by the school board of the

reserve fund balances to determine if reserves are at reasonable and

appropriate levels, how the school authorities should reduce reserve

funds to reasonable levels when conditions warrant, how school

authorities will discontinue the reserve fund if no longer needed and

any additional policies that the school authorities deem appropriate.

* NB There are 2 § 3653's