§ 15-110. Deposit and disposition of revenues.

All revenue collected by the State Tax Commission from the tax imposed
by this Article IX or any tax imposed by Article X of this chapter shall
be deposited daily with such responsible banks, banking houses or trust
companies, as may be designated by the State Comptroller, to the credit
of the Comptroller, in trust for the City of Yonkers. Such deposits
shall be kept in trust and separate and apart from all other moneys in
the possession of the Comptroller. The State Comptroller shall require
adequate security from all such depositories of such revenue collected
by the State Tax Commission. The State Comptroller shall retain in
his/her hands such amount as the State Commissioner of Taxation and
Finance may determine to be necessary for refunds in respect to the tax
imposed by the City of Yonkers pursuant to this Article IX or Article X
of this chapter imposing a nonresident earnings tax and for reasonable
costs of the State Tax Commission in administering, collecting and
distributing such taxes, out of which the State Comptroller shall pay
any refunds of such taxes to which taxpayers shall be entitled under
this Article IX or Article X of this chapter imposing a nonresident
earnings tax. The State Comptroller, after reserving such refund and
such cost shall, on or before the 15th day of each month, pay to the
Comptroller of the City of Yonkers the balance of such taxes collected,
to be paid into the Treasury of the City of Yonkers to the credit of the
general fund, except that he/she shall pay to the State Department of
Social Services that amount of overpayments of the tax imposed by the
City of Yonkers pursuant to this Article IX or Article X of this chapter
imposing a tax on nonresident earnings and the interest on such amount
which is certified to him/her by the State Tax Commission as the amount
to be credited against past-due support pursuant to § 171-c, Subdivision
(6), of the New York State Tax Law and except that he/she shall pay to
the New York State Higher Education Services Corporation that amount of
overpayments of the tax imposed by the City of Yonkers pursuant to this
Article IX or Article X of this chapter imposing a nonresident earnings
tax and the interest on such amount which is certified to him/her by the
State Tax Commission as the amount to be credited against the amount of
defaults in repayment of guaranteed student loans pursuant to § 171-d,
Subdivision (5) of the New York State Tax Law; and except that he shall
pay to the State University of New York that amount of overpayments of
tax imposed by this Article IX or Article X of this chapter and the
interest on such amount which is certified to him by the Tax Commission
as the amount to be credited against the amount of default in repayment
of state university loans pursuant to Subdivision 6 of § 171-e of the
New York State Tax Law. The amount deducted for administering,
collecting and distributing such taxes during such monthly period shall
be paid by the State Comptroller into the general fund of the state
treasury to the credit of the state purposes account therein. The first
payment to the Comptroller of the City of Yonkers shall be made on or
before March 15, 1985, which payment shall represent the balance of
revenue after provision for refund and such reasonable costs, with
respect to taxes collected in 1984. Subsequent payments shall be made on
or before April 15, 1985, and on or before the 15th day of each
succeeding month thereafter and shall represent the balance of revenue
with respect to taxes collected the preceding calendar months. The
amounts so payable shall be certified to the State Comptroller by the
President of the State Tax Commission or his/her delegate, either of
whom shall not be held liable for any inaccuracy in such certificate.
Where the amount so paid over to the Comptroller of the City of Yonkers
is more or less than the amount due the City of Yonkers, the amount of
overpayment or underpayment shall be certified to the Comptroller by the
President of the State Tax Commission or his/her delegate, either of
whom shall not be held liable for any inaccuracy in such certificate.
The amount of overpayment or underpayment shall be so certified to the
Comptroller as soon after the discovery of the overpayment or
underpayment as reasonably possible, and subsequent payments by the
Comptroller to such Comptroller 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 Comptroller and the President of the State Tax Commission shall
consider reasonable in view of the amount of the overpayment or
underpayment and all other facts and circumstances.