Section 372. Tax and revenue anticipation fund

1. The board of supervisors
  of a county by resolution may establish a revolving fund to be known  as
  the  tax and revenue anticipation fund. There may be paid into such fund
  in the fiscal year in which it is established an amount which shall  not
  exceed  thirty  per  centum  of  the  total  estimated  expenditures  as
  contained in  the  budget  of  the  county  for  such  fiscal  year.  In
  subsequent  fiscal years, additional amounts may be paid into such fund,
  provided that any such payment shall not increase the  total  amount  of
  such  fund  to  an  amount  greater  than thirty per centum of the total
  estimated expenditures as contained in the budget of the county for  the
  fiscal  year in which such payment is made. Such amounts may be provided
  by budgetary appropriation or from moneys of the county  which  are  not
  required by law to be paid into another fund or account.
    2.  The  moneys  in  such  fund  may  be  used only for the purpose of
  investment  in  non-interest  bearing  tax   anticipation   or   revenue
  anticipation notes of the county, or renewals thereof. Any provisions of
  law  to  the  contrary  notwithstanding, all tax or revenue anticipation
  notes of the county, or renewals thereof, sold to the  tax  and  revenue
  anticipation  fund  during  a fiscal year shall be paid on or before the
  close of such fiscal year.
    3. The  moneys  in  such  fund,  pending  investment  as  provided  in
  subdivision two of this section, shall be deposited in one or more banks
  or  trust  companies  designated  in  the  manner  provided  by  law, as
  depositaries of funds of the county. The moneys  in  any  such  fund  so
  deposited shall be accounted for separate and apart from all other funds
  of  the  county,  in  the  same manner as provided in subdivision ten of
  section six-c of the general municipal law.  Any interest earned on  the
  moneys so deposited shall be a general county revenue.
    4.  Such fund shall continue in existence from year to year, provided,
  however, that the board of supervisors by resolution may transfer all or
  part of the moneys in such fund to a reserve fund  established  pursuant
  to article two of the general municipal law.