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Maine Revised Statutes Title 30-A. Municipalities and Counties § 5802. Trustees

Current as of January 01, 2022 | Updated by FindLaw Staff

The municipal officers are trustees of the municipal reserve fund.

1. Fund deposited or invested. They shall deposit or invest the fund according to subchapter III-A.  1

A. 2 Any interest earned or capital gains realized shall accrue to and become part of the fund. Unless otherwise ordered by the municipal legislative body, interest and capital gains shall be prorated among the various accounts.

2. Purpose of expenditure. An expenditure from any account of the fund may be made only for the specific purpose for which the account was established.

3. Transfer of balance. The balance of any account of a reserve fund may be transferred to another reserve account or to surplus when the purpose for which it was established has been accomplished or abandoned.

4. Use of fund for purpose not provided for. Notwithstanding Title 17-A, section 4-A, any municipal official who uses the assets of any account of the reserve fund in any manner or for any purpose other than that provided by the municipality is guilty of a Class C crime and shall be punished by a fine of not more than $2,000 or by imprisonment for not more than 2 years.

1 30-A M.R.S.A. § 5706 et seq.
2 No par. B was enacted.
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Cite this article: FindLaw.com - Maine Revised Statutes Title 30-A. Municipalities and Counties § 5802. Trustees - last updated January 01, 2022 | https://codes.findlaw.com/me/title-30-a-municipalities-and-counties/me-rev-st-tit-30-a-sect-5802/

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