2006 New York Code - Deposit And Disposition Of Revenue.

 
    §  11-2053  Deposit and disposition of revenue. (a) The tax commission
  shall deposit daily to the credit of the comptroller of the state of New
  York, all taxes, penalties and interest collected under this  subchapter
  in  such  responsible banks, banking houses or trust companies as may be
  designated by the comptroller. Such deposits shall be kept in trust  for
  the  city and separate and apart from all other monies in the possession
  of the comptroller. The comptroller shall require adequate security from
  all such depositories. Of the revenue collected  under  this  subchapter
  the  comptroller  shall  retain  in  his or her hands such amount as the
  commissioner of taxation and finance  of  the  state  of  New  York  may
  determine  to  be  necessary  for  refunds under this subchapter and for
  reasonable costs of the tax commission in administering, collecting  and
  distributing   the  taxes  under  this  subchapter,  out  of  which  the
  comptroller shall pay any refunds made  under  the  provisions  of  this
  subchapter.  The  comptroller, after reserving such refund fund and such
  costs shall, on or before the twelfth day of  each  month,  pay  to  the
  commissioner  of  finance of this city all taxes, interest and penalties
  collected under this subchapter during the next preceding calendar month
  and remaining to the comptroller's credit in such banks, banking  houses
  or  trust  companies  at  the  close of business on the last day of such
  preceding month, provided, however, that the  comptroller  shall  on  or
  before  the  last  day  of  June  and  December  make  a partial payment
  consisting of the  collections  made  during  and  including  the  first
  twenty-five  days  of said months to the commissioner of finance of this
  city. The amount so payable shall be certified to the comptroller by the
  president of the tax commission or such president's delegate, who  shall
  not  be  held  liable  for any inaccuracy in such certificate. Provided,
  however, any such certification may be based on such information as  may
  be  available to the tax commission at the time such certificate must be
  made under this section and may be estimated on the basis of percentages
  or other indices calculated from distributions for prior periods.  Where
  the  amount  so  paid over in any such distribution is more or less than
  the amount then due to this city,  the  amount  of  the  overpayment  or
  underpayment  shall  be certified to the comptroller by the president of
  the tax commission or such president's delegate, who shall not  be  held
  liable  for  any  inaccuracy  in  such  certificate.  The  amount of the
  overpayment or underpayment shall be so certified to the comptroller  as
  soon   after  the  discovery  of  the  overpayment  or  underpayment  as
  reasonably possible and subsequent payments  and  distributions  by  the
  comptroller  to this city 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 comptroller and the president of the tax commission  shall  consider
  reasonable  in view of the amount of the overpayment or underpayment and
  all other facts and circumstances.
    (b)  All  payments  to  the  commissioner  of  finance   pursuant   to
  subdivision  (a)  of  this section shall be credited to and deposited in
  the general fund of this city.