This text of New York § 372 (Tax and revenue anticipation fund) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 372. Tax and revenue anticipation fund.
1.The board of supervisors\nof a county by resolution may establish a revolving fund to be known as\nthe tax and revenue anticipation fund. There may be paid into such fund\nin the fiscal year in which it is established an amount which shall not\nexceed thirty per centum of the total estimated expenditures as\ncontained in the budget of the county for such fiscal year. In\nsubsequent fiscal years, additional amounts may be paid into such fund,\nprovided that any such payment shall not increase the total amount of\nsuch fund to an amount greater than thirty per centum of the total\nestimated expenditures as contained in the budget of the county for the\nfiscal year in which such payment is made. Such amounts may be provided\nby budgetary appropri
Free access — add to your briefcase to read the full text and ask questions with AI
§ 372. Tax and revenue anticipation fund. 1. The board of supervisors\nof a county by resolution may establish a revolving fund to be known as\nthe tax and revenue anticipation fund. There may be paid into such fund\nin the fiscal year in which it is established an amount which shall not\nexceed thirty per centum of the total estimated expenditures as\ncontained in the budget of the county for such fiscal year. In\nsubsequent fiscal years, additional amounts may be paid into such fund,\nprovided that any such payment shall not increase the total amount of\nsuch fund to an amount greater than thirty per centum of the total\nestimated expenditures as contained in the budget of the county for the\nfiscal year in which such payment is made. Such amounts may be provided\nby budgetary appropriation or from moneys of the county which are not\nrequired by law to be paid into another fund or account.\n 2. The moneys in such fund may be used only for the purpose of\ninvestment in non-interest bearing tax anticipation or revenue\nanticipation notes of the county, or renewals thereof. Any provisions of\nlaw to the contrary notwithstanding, all tax or revenue anticipation\nnotes of the county, or renewals thereof, sold to the tax and revenue\nanticipation fund during a fiscal year shall be paid on or before the\nclose of such fiscal year.\n 3. The moneys in such fund, pending investment as provided in\nsubdivision two of this section, shall be deposited in one or more banks\nor trust companies designated in the manner provided by law, as\ndepositaries of funds of the county. The moneys in any such fund so\ndeposited shall be accounted for separate and apart from all other funds\nof the county, in the same manner as provided in subdivision ten of\nsection six-c of the general municipal law. Any interest earned on the\nmoneys so deposited shall be a general county revenue.\n 4. Such fund shall continue in existence from year to year, provided,\nhowever, that the board of supervisors by resolution may transfer all or\npart of the moneys in such fund to a reserve fund established pursuant\nto article two of the general municipal law.\n