Section 658. General powers of the fund; administration of the fund

1. The
  fund  shall  have  the  power  to  borrow  money  from  the property and
  liability insurance security fund created by section seven thousand  six
  hundred  three  of the insurance law on such terms and conditions as the
  superintendent may authorize pursuant to section seven of chapter one of
  the laws of nineteen hundred seventy-seven to the  extent  necessary  to
  protect  the  interests  of  the  purchasers  and  holders  of  New York
  instruments, and to pledge the assets of the fund or any portion thereof
  as security for such borrowings.
    2. The fund shall have the power to accept contributions or  donations
  to  the  fund  from  any  source.  The fund shall also have the power to
  pursue, realize upon, compromise and otherwise dispose of all rights and
  remedies of claimants assigned to the fund pursuant to the provisions of
  this article. The proceeds of all such rights and remedies and any other
  amounts which the fund may receive from any source  shall  constitute  a
  part of the assets of the fund.
    3.  The  fund created by this article shall be separate and apart from
  any other fund and from all other state monies, and the faith and credit
  of  the  state  of  New  York  is  pledged  for  its  safekeeping.   The
  commissioner  of taxation and finance shall be the custodian of the fund
  and all disbursements from said fund shall be made by  the  commissioner
  of  taxation  and  finance upon vouchers signed by the superintendent or
  his designated deputy. The monies of said fund may be  invested  by  the
  commissioner  of  taxation and finance only in obligations of the United
  States or of this state and in interest-bearing certificates of  deposit
  for  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  in  an  amount equal to the amount of such certificate of deposit.
  The commissioner of taxation and finance may sell any of the obligations
  or certificates of deposit in which said fund is invested, if advisable,
  for its proper administration or in the best interests of said fund.
    4. The expense of administering the fund shall  be  paid  out  of  the
  fund. Prior to the first days of January, April, July and October, there
  shall  be  submitted  to  the  director  of  the  budget for approval an
  estimated budget of expenditures for the succeeding three months.  There
  may  not be expended for the purpose of administering the fund more than
  the  amounts  as  authorized  by  the  director  of  the   budget.   The
  superintendent   shall  serve  as  administrator  of  the  fund  without
  additional compensation, but may be  allowed  and  paid  from  the  fund
  expenses  incurred  in  the performance of his duties in connection with
  the  fund.    The  compensation  of  those  persons  employed   by   the
  superintendent,  within  the  amounts  approved  by  the director of the
  budget, shall be deemed administration expense payable  from  the  fund.
  The  superintendent  shall  make an annual report of the receipts to and
  disbursements from the fund, including the cost of administration of the
  fund, which report shall be made available to each uninsured transmitter
  of money who has made payments into the fund during such year and to any
  other person having an interest in the fund.