Permits the Fulton city school district to establish an insurance reserve fund

This bill allows the Fulton City School District, along with several other specific school districts across New York State, to create a dedicated insurance reserve fund. The fund enables these districts to use money from the reserve to pay for insurance claims, lawsuits, or judgments, provided the risks are covered by insurance they are required to maintain. The legislation explicitly prevents districts from using this fund for losses related to specific excluded risks or if they already have a separate reserve for those same risks. By amending existing municipal and education laws, the bill provides a legal mechanism for these districts to manage potential financial liabilities from insured events.