750

At the conclusion of the fiscal year during any period deemed convenient, the Secretary of the Treasury shall make a final liquidation of the corresponding amount derived from the property taxes, taking as a basis the payments made in cash of the tax collected and the advances made during the year, remitting, if any, the excess to the municipalities. When the advances exceed the payments in cash of the tax, the remanent of the collection of property taxes of previous years pending collection as of June 30 shall be retained. There is also hereby provided that if the remanent cannot be settled with the collections of previous years during the following fiscal year, then the balance of the debt shall be retained from any balance in favor of the municipality in possession of the Secretary of the Treasury. History —May 30, 1970, No. 79, p. 196, § 2, eff. July 1, 1970.