There was a brief mention and discussion of the Financial Reserves Act at the last RA meeting. I thought I would insert this brief status note into the forum so that people know how it's currently being administered.
The Act mentions a "separate account". There is indeed a "special account" holding CDS reserve funds... accounts in the CDS are avatars, so this avatar is another alt I maintain, LadyJane Rhys. However, she holds NOT the reserve funds described in the Act, but the larger quantity of reserve funds which the CDS has fortunately accumulated over its history. This fund can easily be identified on the monthly financial report. To my recollection, it has been touched only once, when we used some reserve funds to help pay for the "Buy Down" which LL briefly offered to enable us to have the old, grandfathered tier amount for our monthly payments.
The reserve funds referred to in the Act are actually kept in Rudeen's account. Each month when we sell L$s to convert them to US$s for tier payment to LL, I make sure that the amount in Rudeen's account is fully TWICE what we will need for tier. That double amount is the reserve specified in the Act, and it is available for the various things specified in the Act. The only reason for not keeping the money in a separate account as specified is to avoid the need for YET ANOTHER alt!
Hope that provides some clarity. As always, please don't hesitate to send money questions my way.
Sudane......................