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in obligations upon receipt of written instructions from the finance board or the chief fiscal officer if the finance board shall have delegated the duty of making investments to him;

2. Such obligations shall be payable or redeemable at the option of the owner, within such time as the proceeds shall be needed to meet penditures for the object or purpose for which such bonds, bond anticipation notes, capital notes, urban renewal notes or budget notes issued; and

3. Such obligations, in any event, shall be payable or redeemable at the option of the owner, within two years of the date of purchase.

Notwithstanding the provisions of paragraph a of this section, the proceeds, inclusive of premiums, from the sale of bonds, bond anticipation notes, capital notes, urban renewal notes or budget notes may be invested in special time deposit accounts in, or certificates of deposit issued by a bank or trust company located and authorized to do business in this state, provided however, that such time deposit account or certificate of deposit be payable within such time as the proceeds shall be needed to meet expenditures for the object or purpose

for which such bonds, bond anticipation notes, capital notes, urban renewal notes or budget notes were issued and provided further that such time deposit account or certificate of deposit be secured by a pledge of obligations of the United States of America, or any obligation fully guaranteed or insured as to interest and principal' by the United States of America acting through an agency, subdivision, department or division thereof, obligations of the state of New York or obligations of any municipality, school district or district corporation of the state of New York] the manner provided by section eleven of the general municipal law.

Such investment shall be made by the finance board or the chief fiscal officer, if the finance board shall delegate such duty to that person. The separate identity of the proceeds from the sale of bonds, bond anticipation notes, capital notes, urban renewal notes and budget notes shall be maintained at all times, whether such proceeds consist of cash or investments or both. Any interest earned or capital gain realized on any investment shall be applied to either the payment of the principal of and interest on the bonds, bond anticipation notes, capital notes, urban renewal notes or budget notes, as the case may be, the proceeds from the sale of which were used in making such investment for any other purpose or purposes for which such issue of bonds, capital notes or urban renewal notes has been authorized. Notwithstanding the preceding sentence any interest earned or capital gain realized on any investment shall, to the extent necessary to maintain the exemption from federal income taxation of interest on the obligations the proceeds from the sale of which were used in making such investment, be paid to the United States treasury department, or any agency of the United States. Where the proceeds from the sale of bond anticipation notes have been invested and such notes have been retired from the proceeds from the sale of the bonds in anticipation of which they were issued, any

interest earned capital gain realized on any investment shall be applied only to the payment of the principal of and interest on the bonds.

c. Notwithstanding the provision of paragraph a of this section or the provision of subdivision three of section ninety-nine-o of the general municipal law, the proceeds of obligations issued for the partial refinancing of mass commuting vehicles[] by the county of Suffolk may be

to reimburse in whole or in part any accounts or funds from which moneys were disbursed to meet the cost of the original acquisition of such mass commuting, vehicles. As used in this paragraph "mass commuting vehicles" means any bus, subway car, rail car, locomotive,

or similar equipment used or to be used to provide mass commuting services, whether or not operated by a private operator under agreement with the county of Suffolk.

§ 27. Section 66 of the second class cities law is amended to read as follows:

§ 66. Accounts with treasurer. The comptroller shall keep an account between the city and the treasurer, and of all moneys received and disbursed by the treasurer, and for that purpose he shall procure daily statements from the treasurer as to the moneys received and disbursed by him, and shall also procure from the [banks] depositaries in which the city funds are deposited by the treasurer, monthly statements of the moneys which have been received and paid out on account of the city. He shall examine the treasurer's books, accounts and bank books, and ascer; tain

to their correctness, and shall render quarterly a detailed

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report to the mayor and common council of the funds and financial condition of the city.

§ 28. Section 69 of the second class cities law, as amended by chapter 245 of the laws of 1973, is amended to read as follows:

§ 69. Duties of treasurer. The treasurer shall demand, collect, receive and have the care and custody of and shall disburse

moneys belonging to or due the city, from every source, except as otherwise provided by law. All moneys of the city received by the treasurer shall be deposited and secured by him daily in such [banks or trust companies] depositaries as shall be designated by the board of estimate and apportionment [for such purpose) in the manner provided by section ten of the general municipal law. Thē interest, if any, on all deposits shall be the property of the city and shall be accounted for and credited to the appropriate fund. No money shall be drawn from a city depository except

checks signed by the treasurer and countersigned by the comptroller and made payable to the person entitled to receive the same. He shall at no time permit any fund to be overdrawn, nor draw upon one fund to pay a claim chargeable to another. No money shall be paid out by him except upon the warrant of the comptroller. He shall render to the comptroller at the end of each day's business a detailed statement of

all moneys received and paid out by him. He shall perform such other duties, as may from time to time be prescribed by law, or by ordinance of the council,

not inconsistent with the provisions of this chapter, or the laws of the state. By resolution duly adopted, the

council other legislative body of the city, may determine to enter into a contract to provide for the deposit of the periodic payroll of the city in a bank or' trust company for disbursal by it in accordance with provisions of section ninety-six-b of the banking law.

§ 29. Subdivision (b) of section 1210-A of the tax law, as amended by chapter 674 of the laws of 1988, is amended to read as follows:

(b) Notwithstanding any other provision of this article to the contrary, the net collections from the tax imposed pursuant to subdivision (a) of this section for the period beginning December first, nineteen hundred eighty-four and ending November thirtieth, nineteen hundred eighty-eight shall, upon payment to the county of Suffolk, and moneys due said fund pursuant to subdivisions (c) and (d) of this section, deposited in a special fund, to be designated as an assessment stabili. zation reserve fund, to be created by said county therefor separate and apart from

other funds and accounts of the county. Moneys in such fund shall be deposited [in one or more of the banks or' trust companies designated, ] and secured in the manner provided by [law, as a depository of the funds of such county) section ten of the general municipal law. Pending expenditure from such fund, moneys therein may be invested in the manner provided in section (six-fj 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. Moneys in said fund may be appropriated from and transferred to or expended in any fiscal year only for the purposes and in the order as follows:

(i) to an account or accounts for the Southwest Sewer District of said county in such amount or amounts as shall be determined by the county executive of said county and approved by the county legislature of said county as necessary to stabilize assessments in such sewer district in any given year;

(ii) to account or accounts for any other sewer district established by the county of Suffolk in such amount or amounts shall be determined by the county executive of said county and approved by the county legislature of said county as necessary to stabilize assessments in any such sewer district in any given year; and

(iii) for distribution to the towns and villages within said county which have established or created a sewer district or benefitted area to provide sewer improvements or constructed or are constructing a sewer or sewerage system in such amount or amounts as shall be determined by the county, executive of said county and approved by the county legislature of said county as necessary to stabilize assessments or

taxes,

the may be, in any such sewer district or benefitted area or for any such sewer system in any given year.

§ 30. Subdivision 2 of section 29 of the town law, as amended by chap-
ter 946 of the laws of 1964, is amended to read as follows:
EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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2. Within ten days after their receipt, shall deposit and secure in his name as supervisor, all such moneys [in' or with such banks or trust companies of this staté, as the town board may designate, and agree with such banks and trust companies upon the rate of interest, if any, to be paid upon such deposits, which interest, if any shall be paid, shall accrue to the fund or account earning the same. Such designation and deposit of the moneys shall release the supervisor and his sureties from any liability for loss of such_moneys by reason of the default or insolvency of

any such depositary] in the manner provided by section ten of the general municipal law.

§ 31. Subdivision 1 of section 35 of the town law, as amended by chapter 109 of the laws of 1986, is amended to read as follows:

1. The collector of taxes shall be subject to the duties and shall have and possess, and shall exercise in the manner and within the time prescribed by law, all the rights, powers, authority, and jurisdiction conferred upon him by law. The county

clerk, in whose office the collector's undertaking shall have been filed, shall make an entry thereof in a book to be provided for the purpose in the same manner judgments

entered of record; and every such undertaking, except where the surety thereon is a fidelity or surety, company duly authorized to transact business and act as such' surety within this state, shall be a lien on all the real estate held by the collector his sureties within the county at the time of the filing thereof, and shall continue to be such lien, until its condition, together with all costs and charges which may accrue by the prosecution thereof shall be fully satisfied. Upon a settlement in full between the county treasurer and the collector, a certificate of payment shall be executed in duplicate by the county treasurer, one copy to be delivered to the collector and one copy to be filed by the county treasurer in the office of the county clerk, and said county clerk shall then enter a satisfaction thereof in the book in which the filing of said undertaking is entered and opposite said entry of filing. The collector shall within twenty-four hours after receiving the

deposit and secure all sums of money received and collected by him [in or with a bank or trust company designated by the town board] in the [type of account specified by such board] manner provided by section ten of the general municipal law. All tax moneys, deposited shall be paid to the supervisor at least once in each week or at more frequent times as may be specified by resolution of the town board, provided however, that after payment to the supervisor in full of all moneys payable to him pursuant to any warrant for the collection of taxes, the residue, if any, shall be paid to the county treasurer not later than the fifteenth day of each month following the receipt thereof. The town board may require that such moneys be deposited in an interest bearing account. The interest earned on tax moneys

so deposited, collected on behalf of the county, shall belong to such county unless the legislative body of such county has, by resolution, authorized the town to credit all or a percentage of such interest to the general fund of the town. Upon adoption of such resolution, the clerk of the county legislative body shall notify, in writing, all town supervisors of the percentage of interest the town' is authorized to credit to its general fund. The provisions of this subdivision regarding the deposit of moneys and crediting, of interest shall be controlling and shall apply to

each town, notwithstanding any inconsistent provisions of any general, special or local law.

§ 32. Subdivision 1 of section 37 of the town law, as amended by chapter 109 of the laws of 1986, is amended to read as follows:

1. The receiver of taxes and assessments, if the office be elective, shall hold no other elective public office. Except as otherwise provided in section twenty-five hundred six of the education law, he shall have and possess and exercise in the manner and within the time prescribed by law "all the rights, powerş, authority, and jurisdiction possessed and exercised by the town' tax collector and the school district collectors in the town of which he is receiver of taxes and assessments and he shall be subject to all of the duties of such officers. Except as otherwise provided in section twenty-five hundred six of the education law, and unless there has been an agreement between the town board and the school board to the contrary, it shall be the duty of such receiver of taxes and assessments to receive and collect all state, county, town and school taxes, and all assessments that may be levied or assessed in the town, and all fees thereon prescribed by law, including all other moneys provided by law to be paid to the town tax collector or school district

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collectors, except that the town board of town may by resolution authorize the receiver of taxes and assessments to receive taxes for thirty days after the first day specified in the notice for the payment of such 'taxes, at a charge of not more than one per centum upon such taxes or without additional charge, and except that the town board of a town may by resolution authorize the receiver of taxes and assessments to receive taxes heretofore payable to school district collectors after the expiration of such thirty day period with such fee, not more than five per centum upon such taxes, as the town board shall 'determine and specify in such resolution. Upon the passage of such resolution, the town board shall determine and fix the fee to be collected upon such taxes. Except as otherwise provided by law, the receiver of taxes shall receive and collect all water rates,

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charges payable 'to said town. Except as otherwise provided by this section, all' fees, interest or penalties collected by

any tax or assessment heretofore payable to the town tax collector, or school district collectors, shall belong to the town. Except

otherwise permitted by section fifteen hundred eighty-eight of the real property tax law, such receiver shall enter daily in suitable book or

books a record of all moneys received by him and such book or books shall be public records and shall be open during office hours to public inspection. Within twenty-four hours after receiving the same, he shall deposit and secure all sums of money received and collected by him to the credit of the supervisor in or with a bank or trust company designated by the town board and notify the supervisor thereof, except that all school district moneys collected shall be deposited to the credit of the school district in such bank or banks as may be designated from time to time by the boards of education or trustees of the school districts, and except that after payment to the supervisor in full of all moneys payable to him pursuant to any warrant for the collection of taxes, the residue, if any, shall be deposited to the credit of the receiver of taxes and assessments, in such banks or trust companies as have been designated by the town board in the type of account specified by such board and such moneys shall be paid to the county treasurer not later than the fifteenth day of each month following the receipt thereof, and upon expiration of such warrant the receiver shall comply with the provisions of section nine hundred forty of the real property tax law. In lieu of the aforesaid immediate deposit of school district moneys to the credit of the school districts, the receiver of taxes and assessments may deposit such school district moneys to his own credit as receiver of taxes and assessments in the same account or accounts which he uses for depositing and disbursing county, tax moneys; provided that, within five days after so depositing such school district moneys, hé shall make appropriate distribution thereof by, depositing appropriate sums to the credit of the school district hereinbefore provided. Notwithstanding the foregoing provisions of this section, the town board, by resolution, may direct the receiver of taxes and assessments to deposit and secure in the manner provided by section ten of the general municipal law, in his name as receiver of taxes and assessments, [in such banks or trust companies as have been designated by the town board in the type of account specified by such board, within twentyfour hours after receipt thereof, all moneys collected by him which are due to the supervisor. All such moneys so deposited shall be paid to the supervisor at such times as may be specified in such resolution, but in no event later than the fifteenth day of each month following the receipt thereof. The town board may require that any moneys deposited to the credit of the receiver pursuant to this subdivision be deposited in an interest bearing account. The interest earned on tax moneys so deposited, collected on behalf of the state, county, any school district special district, shall belong to the taxing entity for which such moneys were collected unless such entity has, by statute in the case of the state or otherwise by resolution, authorized the town to credit ali or a percentage of such interest to the general fund of the town. Upon the adoption of such statute or resolution, the taxing entity shall notify, in writing, all town supervisors of the percentage of interest the town is authorized to credit to its general' fund. The provisions of this subdivision regarding the deposit of moneys and crediting, of interest shall be controlling and shall apply to each town, notwithstanding any inconsistent provisions of any general, special or local law. EXPLANATION—Matter in italics is new; matter in brackets [ ] is old law

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§ 33. Subdivisions 1 and 3 of section 55-c of the town law, as added by chapter 1009 of the laws of 1962, are amended to read as follows:

1. The money in each reserve fund established pursuant to this article shall be deposited and secured in [a special account in one or

of the banks trust companies designated by the town board as depositories of the funds of such town) the manner provided by section ten of the general municipal law. The moneys in each such fund so deposited shall be kept in a separate account and shall not be commingled with other funds of the town.

3. The town board or the chief fiscal officer of the town, if the town board shall delegate such duty to him, may invest the moneys in each such reserve fund or, if the resolution provided for in subdivision two hereof be adopted, in two or more such funds, in the manner provided in section (six-f] eleven of the general municipal law. Any interest earned or capital gains realized on the money, so deposited invested shall accrue to and become a part of each such fund. Where the money in two or more such reserve funds invested together, the interest earned capital gains realized shall be apportioned to each separate fund in the same proportion as the amount of each fund bears to the aggregate amount of the several funds.

§ 34. Subdivision 1 of section 64 of the town law, as amended by chapter 23 of the laws of 1970, is amended to read as follows:

1. Control of town finances. Shall have the general management and control of the finances of the town and shall designate (by resolution] in the manner provided by section ten of the general municipal law the [banks or trust companies of this state] depositaries in which the supervisor, town clerk, tax collector, tax receiver, and trustees of the freeholders and commonálty of a town shall deposit and secure all moneys coming into their hands by virtue of their offices. [Such designation and deposit of the moneys shall release the supervisor and such other town officers and their sureties from any liability for loss of such moneys by reason of the default or insolvency of any such depositary. The town board may require any bank or trust company so designated in which such funds are on deposit or are to be deposited to deliver to the town board a surety bond payable to the town, executed by a surety company authorized to transact business in this state and securing to the town the payment of such deposits and the agreed interest thereon; or in lieu of a depositary bond, may require any bank

trust

company to deposit with such board the bonds or certificates of the United States, or any obligation fully guaranteed or insured as to interest and principal by the United States of America acting through an agency, subdivision, department or division thereof, of the State of New York any county, town, city, village or school district of the state of New York as security for such funds so deposited but such bonds or certificates shall be subject to the approval of the town board and shall be deposited in such place and held under such conditions as the town board may determine. All acts done prior to the effective date of this section which would have been valid hereunder are hereby validated. ]

§ 35. Section 177 of the town law, as amended by chapter 161 of the laws of 1975, is amended to read as follows:

§ 177. Powers and duties of fire district treasurer. The fire district treasurer shall be the fiscal officer of the fire district and shall receive and have the custody of the funds of the district and shall disburse the same for the purposes herein authorized when soordered by resolution of the board of fire commissioners, except that no such resolution of the board of fire commissioners shall be required for the payment of fixed salaries, compensation for services of officers or employees regularly engaged by the fire district at agreed wages by the hour, day, week, month or year unless so required by resolution of the board of fire commissioners adopted at the organization meeting in the month of January, the principal of or interest on obligations issued by the fire district, fixed amounts becoming due on lawful contracts for the purchase of water for fire protection, and amounts which the fire district may be required to pay to the state and local employees' retirement system on account of contributions for past and current services of firemen. All such disbursements shall be made by check payable to the order of the person or persons entitled thereto. The board of fire commissioners shall designate [by resolution the banks

trust companies of this stated in the manner provided by section ten of the general municipal law the depositaries in which the fire district trea

shall, within ten days, deposit and secure all moneys coming into his hands by virtue of his office. [Such designation and deposit of the

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