A cumulative reserve fund is hereby authorized for the purpose of enabling the city to pay losses incurred under deductible insurance policies. Such fund shall be derived from contributions from other accounts within the general and other operating funds which shall be appropriated annually. The city council may appropriate additional sums to such fund and shall in the annual appropriation resolve include provision for payment of such cumulative reserve fund all losses which may occur during the next fiscal year. Such cumulative reserve fund shall be a permanent fund to be used for the purposes herein set forth and no other shall continue from year to year, its surplus not reverting to the general fund surplus at the end of any fiscal year. Said fund shall be kept,
held and administered as provided by the Revised Statutes for other reserve funds of municipalities.
Gardiner City Hall - 6 Church Street, Gardiner, ME 04345
Monday - Friday 8:00am - 4:30pm (207) 582-4200
