26-74-609. Disposition of funds.

26-74-609. Disposition of funds. (a)(1) The Secretary of the Department of Finance and Administration shall maintain a record of the total amount of tax collected pursuant to this subchapter and all other subchapters authorizing a county sales and use tax in each eligible county and shall deposit all such revenues with the Treasurer of State. (2)(A) Upon receipt of the funds, the Treasurer of State shall deduct three percent (3%) of the funds as a charge by the state for its services as specified in this subchapter and shall credit the three percent (3%) to the Constitutional Officers Fund and the State Central Services Fund. (B) In addition, the Treasurer of State may retain in the Local Sales and Use Tax Trust Fund an amount not to exceed five percent (5%) of the total amount received from the tax levied by each eligible county, to be used by the Treasurer of State to: (i) Make refunds for overpayment of the taxes; and (ii) Redeem dishonored checks and drafts received and deposited into the Local Sales and Use Tax Trust Fund. (b)(1) All funds received by the Treasurer of State from the tax levied by each eligible county after deducting the amounts required by subsection (a) of this section shall be credited to the account of the eligible county in which collected. (2) The Treasurer of State shall transmit monthly to the county treasurer the moneys received by the Treasurer of State from the sales tax levied by the eligible county and credited to the account of the eligible county in the Local Sales and Use Tax Trust Fund. (c) Within a reasonable time after receipt by the eligible county, all collections of the tax shall be transmitted to the qualified university and applied to the capital improvements to or the operation and maintenance of the eligible campus. (d) The Treasurer of State may make refunds for overpayment of the county sales tax and to redeem dishonored checks and drafts issued in payment of the county sales tax from the Local Sales and Use Tax Trust Fund. (e) When any tax adopted by an eligible county pursuant to this subchapter ceases, the secretary shall retain in the account of that eligible county in the Local Sales and Use Tax Trust Fund for a period of one (1) year an amount equal to five percent (5%) of the final remittance to the eligible county at the time of termination of the collection of the tax to: (1) Cover refunds for overpayment of taxes; and (2) Redeem dishonored checks and drafts deposited to the credit of the Local Sales and Use Tax Trust Fund. (f) After one (1) year has elapsed after the tax ceases in any eligible county, the secretary shall transfer the balance in that eligible county's account to the eligible county and shall close the account.