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

§ 1569. Deposit and disposition of revenue. 1. All taxes, penalties\nand interest imposed by the designated community under the authority of\nsection fifteen hundred sixty-one of this article, which are collected\nby the treasurer or his or her agents, shall be deposited in a single\ntrust fund for the designated community and shall be kept in trust and\nseparate and apart from all other monies in possession of the treasurer.\nMoneys in such fund shall be deposited and secured in the manner\nprovided by section ten of the general municipal law. Pending\nexpenditure from such fund, moneys therein may be invested in the manner\nprovided in section eleven of the general municipal law. Any interest\nearned or capital gain realized on the moneys so deposited or invested\nshall accrue to and become part of such fund.\n 2. The treasurer shall retain such amount as he or she may determine\nto be necessary for refunds with respect to the tax imposed by the\ndesignated community, under the authority of section fifteen hundred\nsixty-one of this article, out of which the treasurer shall pay any\nrefunds of such taxes to those taxpayers entitled to a refund pursuant\nto the provisions of this article.\n 3. The treasurer, after reserving such refunds, shall on or before the\ntwelfth day of each month pay to the designated community the taxes,\npenalties and interest imposed by the designated community under the\nauthority of section fifteen hundred sixty-one of this article,\ncollected by the treasurer, pursuant to this article during the next\npreceding calendar month. The amount so payable shall be certified to\nthe designated community by the treasurer, who shall not be held liable\nfor any inaccuracy in such certification. Provided, however, any such\ncertification may be based on such information as may be available to\nthe treasurer at the time such certification must be made under this\nsection. Where the amount so paid over to the designated community in\nany such distribution is more or less than the amount due to the\ndesignated community, the amount of the overpayment or underpayment\nshall be certified to the designated community by the treasurer, who\nshall not be held liable for any inaccuracy in such certification. The\namount of the overpayment or underpayment shall be so certified to the\ndesignated community as soon after the discovery of the overpayment or\nunderpayment as reasonably possible and subsequent payments and\ndistributions by the treasurer to such designated community shall be\nadjusted by subtracting the amount of any such overpayment from or by\nadding the amount of any such underpayment to such number of subsequent\npayments and distributions as the treasurer and designated community\nshall consider reasonable in view of the overpayment or underpayment and\nall other facts and circumstances.\n 4. All monies received from the treasurer shall be deposited in the\nfund of the designated community, pursuant to section six-s of the\ngeneral municipal law.\n