Section 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 Expires December 31, 2011
    * NB There are 4 § 97-cccc's