Bond act as both a volatility - minimizer for those investors that can't stomach a large stock
allocation and a source
of stability during stock market sell - offs for either spending
purposes or liquidity for those that need to rebalance into lower stock prices.
The unexpended balance
of each appropriation, less the commitments outstanding at the close
of the fiscal year for which it was made, shall lapse at the close
of such fiscal year; provided that nothing herein contained shall be construed to require the lapsing
of appropriations which may be or are required to be made for an indefinite period or which include state refunds,
allocations or grants applicable to said appropriations pursuant to any other provisions
of law; and provided further that nothing herein shall be construed to prevent the making
of appropriations or contracts for the construction
of permanent public improvements or works not to be completed during the fiscal year, or the acquisition
of property therefor, or the establishment
of bond or capital accounts, sinking funds or reserve funds, and each such appropriation, account or fund shall continue in force until the
purpose for which it was made shall have been accomplished or shall have been abandoned by a two thirds vote
of the County Legislature.
A resolution
of the County Legislature for any
of the following specified
purposes shall be submitted to the County Executive for his or her approval or veto in the same manner as provided in this charter for the adoption
of ordinances: (a) an
allocation from the budget contingency fund; (b) a supplemental or emergency appropriation; (c) the issuance
of budget notes or notes in anticipation
of the collection
of taxes or revenues; and (d) the issuance
of bonds, anticipation notes or capital notes.