Section 11-2037. Disposition of revenues

1.  All  taxes imposed by this
  subchapter and interest and penalties  thereon,  collected  by  the  tax
  commission shall be deposited daily with such responsible banks, banking
  houses or trust companies as may be designated by the comptroller to the
  credit  of the comptroller. Such deposits shall be kept in trust for the
  city and separate and apart from all other monies in the  possession  of
  the  comptroller.  The  comptroller shall require adequate security from
  all such depositories.
    2. After reserving such amounts as the commissioner  of  taxation  and
  finance  of  the  state  of  New  York  may determine and certify to the
  comptroller to be necessary for refunds in respect of taxes imposed  and
  collected  pursuant  to this subchapter, and for reasonable costs of the
  tax commission in administering, collecting and distributing said taxes,
  the comptroller shall, on or before the tenth day of each month, pay  to
  the commissioner of finance for the use of the city, all taxes, interest
  and  penalties imposed by this subchapter collected during the preceding
  calendar month.