Section 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.