N.Y. State Finance Law § 97-cccc: Interest assessment surcharge fund

* § 97-cccc. Interest assessment surcharge fund. 1. There is hereby

established in the joint custody of the commissioner of taxation and

finance and the state comptroller a fund to be known as the "interest

assessment surcharge fund".

2. The interest assessment surcharge fund shall consist of all moneys

collected and received by the commissioner from employers pursuant to

section five hundred eighty-one-d of the labor law and of interest

earned upon moneys belonging to such fund and deposited or invested. All

moneys so collected shall be deposited in a bank, trust company or

industrial bank designated by the state comptroller. Moneys so deposited

shall be credited immediately to the account of the interest assessment

surcharge fund and shall be used for the purposes set forth in this

section. Moneys in such fund may be invested by the state comptroller in

accordance with the provisions of section ninety-eight of this article,

and shall be used for the purposes specified in this section. Any

balance in such fund shall not lapse but shall remain continuously

available for such purposes until full interest payments are paid to the

federal government in accordance with the provisions of this section.

3. Moneys in the interest assessment surcharge fund shall be kept

separate from and shall not be commingled with any other moneys in the

custody of the commissioner of taxation and finance and the state

comptroller. All deposits of such moneys shall, if required by the state

comptroller, be secured by obligations of the United States or of this

state of market value equal at all times to the amount of the deposit

and all banks and trust companies are authorized to give such securities

for such deposits.

4. Moneys of the fund shall be used exclusively for the purpose of

paying interest due on advances from the federal unemployment account

under Title XII of the Social Security Act (42 U.S. Code Sections 1321

to 1324) and thereafter crediting employer accounts as provided in

section five hundred eighty-one-d of the labor law. The moneys shall be

paid out of the fund on the audit and warrant of the state comptroller.

5. The interest assessment surcharge fund shall not be used in whole

or in part for any purpose or in any manner which (a) would permit its

substitution for, or a corresponding reduction in, federal funds that

would be available in its absence to finance expenditures for the

administration of this article; or (b) would cause the appropriate

agency of the United States government to withhold any part of an

administrative grant which would otherwise be made.

* NB There are 4 § 97-cccc's