§ 112. Disposition of proceeds of taxes. Notwithstanding the
provisions of any general, special or local law to the contrary,
revenues heretofore or hereafter resulting from the imposition of taxes
authorized by this article for either or both of the purposes referred
to in section one hundred ten of this article, other than the taxes
described in subdivision (e) of such section in a city having a
population of one million or more, shall be deposited in the city or
village treasury and credited to a separate account. During each fiscal
year of such city or village, an amount not in excess of the amount
included in the annual budget or estimate for such fiscal year for the
purpose or purposes for which such taxes were levied shall be charged to
such account and credited to the general fund for the reduction of
taxation or into the general or other fund available for current
expenses of such city or village. No other payment shall be made from
such an account or accounts. In a city having a population of one
million or more, the revenues from the taxes described in subdivision
(e) of section one hundred ten of this article shall be deposited in the
general fund and a payment of an equal amount shall be made, in the same
fiscal year or as soon as practicable thereafter for the purposes
described in such section.