N.Y. Tax Law § 1569: Deposit and disposition of revenue

§ 1569. Deposit and disposition of revenue. 1. All taxes, penalties

and interest imposed by the designated community under the authority of

section fifteen hundred sixty-one of this article, which are collected

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

trust fund for the designated community 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

designated community, under the authority of section fifteen hundred

sixty-one 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 designated community the taxes,

penalties and interest imposed by the designated community under the

authority of section fifteen hundred sixty-one 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 designated community 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 designated community in

any such distribution is more or less than the amount due to the

designated community, the amount of the overpayment or underpayment

shall be certified to the designated community 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

designated community as soon after the discovery of the overpayment or

underpayment as reasonably possible and subsequent payments and

distributions by the treasurer to such designated community 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 designated community

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 designated community, pursuant to section six-s of the

general municipal law.