New York § 97-CCCC - 97-CCCCInterest assessment surcharge fund

§ 97-CCCC. 97-CCCCInterest 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