This text of New York § 1288 (Deposit and disposition of revenue) 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.
§ 1288. Deposit and disposition of revenue. Notwithstanding any\nprovision of law to the contrary:
(a)All taxes, interest and penalties\ncollected or received by the commissioner pursuant to this article shall\nbe deposited daily with such responsible banks, banking houses or trust\ncompanies, as may be designated by the comptroller, in trust for the\ncredit of the metropolitan transportation authority. An account may be\nestablished in one or more of such depositories. Such deposits shall be\nkept separate and apart from all other money in the possession of the\ncomptroller. The comptroller shall require adequate security from all\nsuch depositories. Of the total revenue collected or received under this\nsection, the comptroller shall retain in the comptroller's hands such\namount as t
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§ 1288. Deposit and disposition of revenue. Notwithstanding any\nprovision of law to the contrary: (a) All taxes, interest and penalties\ncollected or received by the commissioner pursuant to this article shall\nbe deposited daily with such responsible banks, banking houses or trust\ncompanies, as may be designated by the comptroller, in trust for the\ncredit of the metropolitan transportation authority. An account may be\nestablished in one or more of such depositories. Such deposits shall be\nkept separate and apart from all other money in the possession of the\ncomptroller. The comptroller shall require adequate security from all\nsuch depositories. Of the total revenue collected or received under this\nsection, the comptroller shall retain in the comptroller's hands such\namount as the commissioner may determine to be necessary for refunds\nunder this article. The commissioner is authorized and directed to\ndeduct from such amounts collected or received under this article,\nbefore deposit into the accounts specified by the comptroller, a\nreasonable amount necessary to effectuate refunds of appropriations of\nthe department to reimburse the department for the costs to administer,\ncollect and distribute the taxes imposed by this article.\n (b) On or before the twelfth day following the end of each month,\nafter reserving such amount for such refunds and such costs, the\ncommissioner shall certify to the comptroller the amount of all revenues\nso received pursuant to this article during the prior month as a result\nof the taxes, interest and penalties so imposed.\n (c) By the fifteenth day of the last month of each calendar quarter\nthe comptroller shall pay over the amount of revenues from the prior\nthree months in total so certified by the commissioner, without\nappropriation, into the corporate transportation account of the\nmetropolitan transportation authority special assistance fund\nestablished by section twelve hundred seventy-a of the public\nauthorities law to be applied as provided in paragraph (e) of\nsubdivision four of such section twelve hundred seventy-a. Any money\ncollected pursuant to this article that is deposited by the comptroller\nin the corporate transportation account of the metropolitan\ntransportation authority special assistance fund shall be held in such\nfund free and clear of any claim by any person or entity paying the tax\npursuant to this article, including, without limiting the generality of\nthe foregoing, any right or claim against the metropolitan\ntransportation authority, any of its bondholders, or any subsidiary or\naffiliate of the metropolitan transportation authority.\n