* § 1438-k. Deposit and disposition of revenue. 1. All taxes,
penalties and interest imposed by the town under the authority of
section fourteen hundred thirty-eight-b of this article, which are
collected by the treasurer or his or her agents, shall be deposited in a
single trust fund for the town and shall be kept in trust and separate
and apart from all other monies in possession of the treasurer. Moneys
in such fund shall be deposited and secured in the manner provided by
section ten of the general municipal law. Pending expenditure from such
fund, moneys therein may be invested in the manner provided in section
eleven of the general municipal law. Any interest earned or capital gain
realized on the moneys so deposited or invested shall accrue to and
become part of such fund.

2. The treasurer shall retain such amount as he or she may determine
to be necessary for refunds with respect to the tax imposed by the town,
under the authority of section fourteen hundred thirty-eight-b of this
article, out of which the treasurer shall pay any refunds of such taxes
to those taxpayers entitled to a refund pursuant to the provisions of
this article.

3. The treasurer, after reserving such refunds, shall on or before the
twelfth day of each month pay to the town supervisor the taxes,
penalties and interest imposed by the town under the authority of
section fourteen hundred thirty-eight-b of this article, collected by
the treasurer, pursuant to this article during the next preceding
calendar month. The amount so payable shall be certified to the town
supervisor by the treasurer, who shall not be held liable for any
inaccuracy in such certification. Provided, however, any such
certification may be based on such information as may be available to
the treasurer at the time such certification must be made under this
section. Where the amount so paid over to the town in any such
distribution is more or less than the amount due to the town, the amount
of the overpayment or underpayment shall be certified to the town
supervisor by the treasurer, who shall not be held liable for any
inaccuracy in such certification. The amount of the overpayment or
underpayment shall be so certified to the town supervisor as soon after
the discovery of the overpayment or underpayment as reasonably possible
and subsequent payments and distributions by the treasurer to the town
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 treasurer and town
supervisor shall consider reasonable in view of the overpayment or
underpayment and all other facts and circumstances.

4. All monies received from the treasurer shall be deposited in the
fund of the town, pursuant to section sixty-four-h of the town law.

* NB Repealed December 31, 2026