515 - Disposition of revenues. - New York Statutes

§ 515. Disposition of revenues. All taxes, interest, penalties and fees collected or received pursuant to this article shall be deposited daily in one account with such responsible banks, banking houses or trust companies as may be designated by the comptroller, and to the credit of the comptroller on account of the dedicated highway and bridge trust fund established pursuant to section eighty-nine-b of the state finance law. Such an account may be established in one or more of such depositories and such deposits shall be kept separate and apart from all other moneys in the possession of the comptroller. The comptroller shall require adequate security from all such depositories. Of the revenues so deposited, the comptroller shall retain in his hands such amount as the commissioner of taxation and finance may determine to be necessary for refunds or reimbursements of the taxes collected or received pursuant to this article to which taxpayers shall be entitled under the provisions of this article, out of which amount the comptroller shall pay any refunds or reimbursements of the taxes collected or received pursuant to this article to which taxpayers shall be entitled under such provisions. The comptroller, after reserving the amount to pay such refunds or reimbursements, shall, on or before the last day of each month, pay the balance of the revenue so deposited during such month into the dedicated highway and bridge trust fund established pursuant to section eighty-nine-b of the state finance law.