N.Y. Workers' Compensation Law § 215: Commissioner of taxation and finance custodian of fund

§ 215. Commissioner of taxation and finance custodian of fund. The

commissioner of taxation and finance shall be the custodian of the

special fund for disability benefits and all disbursements therefrom

shall be paid by him upon drafts signed by the chairman or those

authorized by the chairman for that purpose. The commissioner of

taxation and finance shall give a separate and additional bond in an

amount to be fixed by and with sureties approved by the state

comptroller conditioned for the faithful performance of his duty as

custodian of the fund. The commissioner of taxation and finance shall

deposit any portion of the fund not needed for immediate use, in the

manner and subject to all the provisions of law respecting the deposit

of other state funds by him. The commissioner of taxation and finance

may invest any surplus or reserve moneys thereof in securities of the

United States or the state of New York and in interest bearing

certificates of deposit of a bank or trust company located and

authorized to do business in this state or of a national bank located in

this state secured by a pledge of direct obligations of the United

States or of the state of New York, or in accordance with the provisions

of section ninety-eight-a of the state finance law, in an amount equal

to the amount of such certificates of deposit, and may sell any such

securities or certificates of deposit if advisable for the proper

administration of such fund. Interest earned by such portion of the fund

deposited or invested by the commissioner of taxation and finance shall

be collected by him and placed to the credit of the fund. The

commissioner of taxation and finance may issue checks on the fund for

the transfers of moneys between depositories and for the purpose of

making investments for the fund.