Legislation
SECTION 372
Tax and revenue anticipation fund
County (CNT) CHAPTER 11, ARTICLE 7
§ 372. Tax and revenue anticipation fund. 1. The board of supervisors
of a county by resolution may establish a revolving fund to be known as
the tax and revenue anticipation fund. There may be paid into such fund
in the fiscal year in which it is established an amount which shall not
exceed thirty per centum of the total estimated expenditures as
contained in the budget of the county for such fiscal year. In
subsequent fiscal years, additional amounts may be paid into such fund,
provided that any such payment shall not increase the total amount of
such fund to an amount greater than thirty per centum of the total
estimated expenditures as contained in the budget of the county for the
fiscal year in which such payment is made. Such amounts may be provided
by budgetary appropriation or from moneys of the county which are not
required by law to be paid into another fund or account.
2. The moneys in such fund may be used only for the purpose of
investment in non-interest bearing tax anticipation or revenue
anticipation notes of the county, or renewals thereof. Any provisions of
law to the contrary notwithstanding, all tax or revenue anticipation
notes of the county, or renewals thereof, sold to the tax and revenue
anticipation fund during a fiscal year shall be paid on or before the
close of such fiscal year.
3. The moneys in such fund, pending investment as provided in
subdivision two of this section, shall be deposited in one or more banks
or trust companies designated in the manner provided by law, as
depositaries of funds of the county. The moneys in any such fund so
deposited shall be accounted for separate and apart from all other funds
of the county, in the same manner as provided in subdivision ten of
section six-c of the general municipal law. Any interest earned on the
moneys so deposited shall be a general county revenue.
4. Such fund shall continue in existence from year to year, provided,
however, that the board of supervisors by resolution may transfer all or
part of the moneys in such fund to a reserve fund established pursuant
to article two of the general municipal law.
of a county by resolution may establish a revolving fund to be known as
the tax and revenue anticipation fund. There may be paid into such fund
in the fiscal year in which it is established an amount which shall not
exceed thirty per centum of the total estimated expenditures as
contained in the budget of the county for such fiscal year. In
subsequent fiscal years, additional amounts may be paid into such fund,
provided that any such payment shall not increase the total amount of
such fund to an amount greater than thirty per centum of the total
estimated expenditures as contained in the budget of the county for the
fiscal year in which such payment is made. Such amounts may be provided
by budgetary appropriation or from moneys of the county which are not
required by law to be paid into another fund or account.
2. The moneys in such fund may be used only for the purpose of
investment in non-interest bearing tax anticipation or revenue
anticipation notes of the county, or renewals thereof. Any provisions of
law to the contrary notwithstanding, all tax or revenue anticipation
notes of the county, or renewals thereof, sold to the tax and revenue
anticipation fund during a fiscal year shall be paid on or before the
close of such fiscal year.
3. The moneys in such fund, pending investment as provided in
subdivision two of this section, shall be deposited in one or more banks
or trust companies designated in the manner provided by law, as
depositaries of funds of the county. The moneys in any such fund so
deposited shall be accounted for separate and apart from all other funds
of the county, in the same manner as provided in subdivision ten of
section six-c of the general municipal law. Any interest earned on the
moneys so deposited shall be a general county revenue.
4. Such fund shall continue in existence from year to year, provided,
however, that the board of supervisors by resolution may transfer all or
part of the moneys in such fund to a reserve fund established pursuant
to article two of the general municipal law.