2023 New York Laws › TAX - Tax › Article 31-D - Tax on Real Estate Transfers in Towns in the Peconic Bay Region › 1449-KK - Deposit and Disposition of Revenue.

* §  1449-kk.  Deposit  and  disposition  of  revenue.  1.  All taxes,
  penalties and interest imposed  by  the  town  under  the  authority  of
  section  fourteen  hundred  forty-nine-bb  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 forty-nine-bb 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 forty-nine-bb 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  such  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-e of the town law.
* NB Repealed December 31, 2050