2023 New York Laws › TAX - Tax › Article 31-A-1 - Tax on Real Estate Transfers in the Town of Red Hook › 1438-K - Deposit and Disposition of Revenue.

* §  1438-k.  Deposit  and  disposition  of  revenue.  1.  All  taxes,
  penalties and interest imposed  by  the  town  under  the  authority  of
  section  fourteen  hundred  thirty-eight-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-eight-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-eight-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-h of the town law.
* NB Repealed December 31, 2026