N.Y. TAX Law § 1439-KK

* § 1439-kk. Deposit and disposition of revenue. 1. All taxes,\npenalties and interest imposed by the town under the authority of\nsection fourteen hundred thirty-nine-bb of this article, which are\ncollected by the treasurer or his or her agents, shall be deposited in a\nsingle trust fund for the town and shall be kept in trust and separate\nand apart from all other monies in possession of the treasurer. Moneys\nin such fund shall be deposited and secured in the manner provided by\nsection ten of the general municipal law. Pending expenditure from such\nfund, moneys therein may be invested in the manner provided in section\neleven of the general municipal law. Any interest earned or capital gain\nrealized on the moneys so deposited or invested shall accrue to and\nbecome 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 town,\nunder the authority of section fourteen hundred thirty-nine-bb of this\narticle, out of which the treasurer shall pay any refunds of such taxes\nto those taxpayers entitled to a refund pursuant to the provisions of\nthis article.\n 3. The treasurer, after reserving such refunds, shall on or before the\ntwelfth day of each month pay to the town supervisor the taxes,\npenalties and interest imposed by the town under the authority of\nsection fourteen hundred thirty-nine-bb of this article, collected by\nthe treasurer, pursuant to this article during the next preceding\ncalendar month. The amount so payable shall be certified to the town\nsupervisor by the treasurer, who shall not be held liable for any\ninaccuracy 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 town in any such\ndistribution is more or less than the amount due to the town, the amount\nof the overpayment or underpayment shall be certified to the town\nsupervisor by the treasurer, who shall not be held liable for any\ninaccuracy in such certification. The amount of the overpayment or\nunderpayment shall be so certified to the town supervisor as soon after\nthe discovery of the overpayment or underpayment as reasonably possible\nand subsequent payments and distributions by the treasurer to the town\nshall be adjusted by subtracting the amount of any such overpayment from\nor by adding the amount of any such underpayment to such number of\nsubsequent payments and distributions as the treasurer and town\nsupervisor shall consider reasonable in view of the overpayment or\nunderpayment and all other facts and circumstances.\n 4. All monies received from the treasurer shall be deposited in the\nfund of the town, pursuant to section sixty-four-j of the town law.\n * NB Repealed December 31, 2028\n