This text of New York § 1448-B (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.
* § 1448-b. Deposit and disposition of revenue.
1.All taxes,\npenalties and interest imposed by the town under the authority of\nsection fourteen hundred forty-one of this article, which are collected\nby the treasurer or his or her agents, shall be deposited in a single\ntrust fund for the town and shall be kept in trust and separate and\napart from all other monies in possession of the treasurer. Moneys in\nsuch fund shall be deposited and secured in the manner provided by\nsection ten of the general municipal law. Pending expenditure from such\nfund, moneys therein may be invested in the manner provided in section\neleven of the general municipal law. Any interest earned or capital gain\nrealized on the moneys so deposited or invested shall accrue to and\nbecome part of such fund.\n
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* § 1448-b. Deposit and disposition of revenue. 1. All taxes,\npenalties and interest imposed by the town under the authority of\nsection fourteen hundred forty-one of this article, which are collected\nby the treasurer or his or her agents, shall be deposited in a single\ntrust fund for the town and shall be kept in trust and separate and\napart from all other monies in possession of the treasurer. Moneys in\nsuch fund shall be deposited and secured in the manner provided by\nsection ten of the general municipal law. Pending expenditure from such\nfund, moneys therein may be invested in the manner provided in section\neleven of the general municipal law. Any interest earned or capital gain\nrealized on the moneys so deposited or invested shall accrue to and\nbecome part of such fund.\n 2. The treasurer shall retain such amount as he or she may determine\nto be necessary for refunds with respect to the tax imposed by the town,\nunder the authority of section fourteen hundred forty-one of this\narticle, out of which the treasurer shall pay any refunds of such taxes\nto those taxpayers entitled to a refund pursuant to the provisions of\nthis article.\n 3. The treasurer, after reserving such refunds, shall on or before the\ntwelfth day of each month pay to the town supervisor the taxes,\npenalties and interest imposed by the town under the authority of\nsection fourteen hundred forty-one of this article, collected by the\ntreasurer, pursuant to this article during the next preceding calendar\nmonth. The amount so payable shall be certified to the town supervisor\nby the treasurer, who shall not be held liable for any inaccuracy in\nsuch certification. Provided, however, any such certification may be\nbased on such information as may be available to the treasurer at the\ntime such certification must be made under this section. Where the\namount so paid over to the town in any such distribution is more or less\nthan the amount due to the town, the amount of the overpayment or\nunderpayment shall be certified to the town supervisor by the treasurer,\nwho shall not be held liable for any inaccuracy in such certification.\nThe amount of the overpayment or underpayment shall be so certified to\nthe town supervisor as soon after the discovery of the overpayment or\nunderpayment as reasonably possible and subsequent payments and\ndistributions by the treasurer to the town shall be adjusted by\nsubtracting the amount of any such overpayment from or by adding the\namount of any such underpayment to such number of subsequent payments\nand distributions as the treasurer and town supervisor shall consider\nreasonable in view of the overpayment or underpayment and all other\nfacts and circumstances.\n 4. All monies received from the treasurer shall be deposited in the\nfund of the town, pursuant to section sixty-four-f of the town law.\n * NB Repealed December 31, 2025\n