2023 New York Laws › TAX - Tax › Article 33-B - Tax on Real Estate Tranfers in Towns › 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.