N.Y. Tax Law § 1439-k*2: Deposit and disposition of revenue

* § 1439-k. Deposit and disposition of revenue. 1. All taxes,

penalties and interest imposed by the town under the authority of

section fourteen hundred thirty-nine-b of this article, which are

collected by the treasurer or his or her agents, shall be deposited in a

single trust fund for the town and shall be kept in trust and separate

and apart from all other monies in possession of the treasurer. Moneys

in such fund shall be deposited and secured in the manner provided by

section ten of the general municipal law. Pending expenditure from such

fund, moneys therein may be invested in the manner provided in section

eleven of the general municipal law. Any interest earned or capital gain

realized on the moneys so deposited or invested shall accrue to and

become part of such fund.

2. The treasurer shall retain such amount as he or she may determine

to be necessary for refunds with respect to the tax imposed by the town,

under the authority of section fourteen hundred thirty-nine-b of this

article, out of which the treasurer shall pay any refunds of such taxes

to those taxpayers entitled to a refund pursuant to the provisions of

this article.

3. The treasurer, after reserving such refunds, shall on or before the

twelfth day of each month pay to the town supervisor the taxes,

penalties and interest imposed by the town under the authority of

section fourteen hundred thirty-nine-b of this article, collected by the

treasurer, pursuant to this article during the next preceding calendar

month. The amount so payable shall be certified to the town supervisor

by the treasurer, who shall not be held liable for any inaccuracy in

such certification. Provided, however, any such certification may be

based on such information as may be available to the treasurer at the

time such certification must be made under this section. Where the

amount so paid over to the town in any such distribution is more or less

than the amount due to the town, the amount of the overpayment or

underpayment shall be certified to the town supervisor by the treasurer,

who shall not be held liable for any inaccuracy in such certification.

The amount of the overpayment or underpayment shall be so certified to

the town supervisor as soon after the discovery of the overpayment or

underpayment as reasonably possible and subsequent payments and

distributions by the treasurer to the town shall be adjusted by

subtracting the amount of any such overpayment from or by adding the

amount of any such underpayment to such number of subsequent payments

and distributions as the treasurer and town supervisor shall consider

reasonable in view of the overpayment or underpayment and all other

facts and circumstances.

4. All monies received from the treasurer shall be deposited in the

fund of the town, pursuant to section sixty-four-i of the town law.

* NB Repealed December 31, 2027

* NB There are 3 § 1439-k's