§ 1261. Revenues resulting from taxes administered by the\ncommissioner. (a) All taxes, penalties and interest imposed by cities,\ncounties or school districts under the authority of section twelve\nhundred ten, twelve hundred eleven, twelve hundred twelve or twelve\nhundred twelve-A of this article, which are collected by the\ncommissioner, shall be deposited daily with such responsible banks,\nbanking houses or trust companies, as may be designated by the state\ncomptroller, to the credit of the comptroller, in trust for the cities,\ncounties or school districts imposing the tax or for (i) the Nassau\ncounty interim finance authority or (ii) the Buffalo fiscal stability\nauthority or (iii) the Erie county fiscal stability authority, created\nby the public authorities law, (i) to the extent that net collections\nfrom taxes imposed by Nassau county are payable to the Nassau county\ninterim finance authority or (ii) to the extent that net collections\nfrom taxes imposed by Erie county or by the city of Buffalo are payable\nto the Buffalo fiscal stability authority or (iii) to the extent that\nnet collections from taxes imposed by Erie county are payable to the\nErie county fiscal stability authority, or for any public benefit\ncorporation to which the tax may be payable pursuant to law. Such\ndeposits and deposits received pursuant to subdivision (b) of section\ntwelve hundred fifty-two of this article shall be kept in trust and\nseparate and apart from all other monies in the possession of the\ncomptroller. The comptroller shall require adequate security from all\nsuch depositories of such revenue collected by the commissioner,\nincluding the deposits received pursuant to subdivision (b) of section\ntwelve hundred fifty-two of this article. Any amount payable to such\nauthorities pursuant to the public authorities law shall, at the time it\nis otherwise payable to (i) Nassau county, (ii) Erie county or the city\nof Buffalo, or (iii) Erie county, respectively, as specified in this\nsection, be paid instead to such respective authority. Any amount\npayable to a public benefit corporation pursuant to law shall, at the\ntime it is otherwise payable to the taxing jurisdiction as specified in\nthis section, be paid instead to such public benefit corporation.\n (b) The comptroller shall retain in the comptroller's hands such\namount as the commissioner may determine to be necessary for refunds in\nrespect to the taxes imposed by cities, counties and school districts,\nunder the authority of section twelve hundred ten, twelve hundred\neleven, twelve hundred twelve or twelve hundred twelve-A, and for\nreasonable costs of the commissioner in administering, collecting and\ndistributing such taxes, out of which the comptroller shall pay any\nrefunds of such taxes to which taxpayers shall be entitled under the\nprovisions of this article.\n (c) (1) The comptroller, after reserving such refund fund and such\ncosts shall, on or before the twelfth day of each month pay to the\nappropriate fiscal officers of the foregoing taxing jurisdictions the\ntaxes, penalties and interest imposed by such jurisdictions under the\nauthority of sections twelve hundred ten through twelve hundred twelve-A\nof this article, collected by the commissioner pursuant to this article\nduring the next preceding calendar month, provided, however, that the\ncomptroller shall on or before the last day of June and December make a\npartial payment consisting of the collections made during and including\nthe first twenty-five days of said months to said fiscal officers of the\nforegoing taxing jurisdictions.\n * (2) However, the taxes, penalties and interest from the additional\none percent rate which the city of Yonkers is authorized to impose\npursuant to item (a) of clause one of subparagraph (ii) of the opening\nparagraph of section twelve hundred ten of this article, after the\ncomptroller has reserved such refund fund and such cost shall be paid to\nthe special sa
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