Authorizes the Iroquois central school district to establish an insurance reserve fund

This bill allows the Iroquois Central School District, along with several other specific school districts, to create an insurance reserve fund. The legislation authorizes these districts to use money from the fund to pay for insurance claims, lawsuits, or judgments related to risks they are required to insure. However, the fund cannot be used for losses covered by other existing reserve funds or for specific types of risks excluded by state insurance laws. The act takes effect immediately upon passage.