Section 6-O. Solid waste management facility reserve funds

The governing
  body of a municipality may establish a fund, to  be  known  as  a  solid
  waste management facility reserve fund of such municipality. There shall
  be  deposited  in  such reserve fund such amounts as such governing body
  shall from time to time deem appropriate, which may  include,  but  need
  not be limited to, such percentage of fees received by such municipality
  from  the  operation  of  municipally  owned  or  operated  solid  waste
  management facilities as defined in title seven of article  twenty-seven
  of  the  environmental  conservation  law, as deemed appropriate by such
  municipality. Moneys in the solid waste management facility reserve fund
  shall be deposited and secured in the manner provided by section ten  of
  this  article  and  shall be appropriated only for the purpose of paying
  amounts due for the design, construction and operation, of  solid  waste
  management  facilities  owned  or operated by such municipality, and for
  closure, or  post-closure  care,  including  operation  and  maintenance
  expenses of solid waste management facilities owned or operated by or on
  behalf  of such municipality. The management of a solid waste management
  facility reserve fund established pursuant to this section and shall  be
  subject to the provisions of subdivision seven, eight and ten of section
  six-h  of  this  article  and  the investment of moneys therein shall be
  subject to the  provisions  of  section  eleven  of  this  article.  The
  governing  board  of  a municipality may authorize the transfer of funds
  from the solid waste management facility reserve fund to the  credit  of
  another  capital reserve fund if the unexpended balance remaining in the
  fund established for a specific capital improvement has been  completed,
  after  deducting  from  such  balance  a  sum  sufficient to satisfy all
  outstanding claims arising  from  the  construction,  reconstruction  or
  acquisition  of  such  capital  improvement.  For  the  purposes of this
  section the term "municipality" shall mean a municipal  corporation,  as
  defined in section two of this chapter or any designated agency thereof,
  or a solid waste management district, public authority or public benefit
  corporation  having  power  to  construct,  operate and maintain a solid
  waste management facility.