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This entry was published on 2014-09-22
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SECTION 215
Commissioner of taxation and finance custodian of fund
Workers' Compensation (WKC) CHAPTER 67, ARTICLE 9
§ 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.