§ 1569. Deposit and disposition of revenue. 1. All taxes, penalties
and interest imposed by the designated community under the authority of
section fifteen hundred sixty-one of this article, which are collected
by the treasurer or his or her agents, shall be deposited in a single
trust fund for the designated community 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
designated community, under the authority of section fifteen hundred
sixty-one 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 designated community the taxes,
penalties and interest imposed by the designated community under the
authority of section fifteen hundred sixty-one 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 designated community 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 designated community in
any such distribution is more or less than the amount due to the
designated community, the amount of the overpayment or underpayment
shall be certified to the designated community 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
designated community as soon after the discovery of the overpayment or
underpayment as reasonably possible and subsequent payments and
distributions by the treasurer to such designated community 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 designated community
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 designated community, pursuant to section six-s of the
general municipal law.