§ 16-107. Reserve accounts

Latest version.

   (a) "Reserve account" defined. -- 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) Authorized by ordinance or local law. -- By ordinance or local law, after notice and hearing, a county may establish one or more reserve accounts.

(c) Requirements of ordinance or local law. -- 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.

HISTORY: An. Code 1957, art. 24, § 9-1201; 2013, ch. 119, § 2.

                    
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