§ 52-10-06 — Social security contribution fund

North Dakota § 52-10-06

• Jurisdiction: North Dakota
• Title 52: Social Security
• Ch. 52-10: Public Employees Under Federal Social Security

Text

1. There is hereby established a special fund to be known as the social security
contribution fund. Such fund must consist of and there must be deposited in such fund:
a. All contributions, interest, and penalties collected under sections 52-10-04 and
52-10-05;
b. All moneys appropriated thereto under this chapter;
c. Any property or securities and earnings thereof acquired through the use of
moneys belonging to the fund;
d. Interest earned upon any moneys in the fund; and
e. All sums recovered upon the bond of the custodian or otherwise for losses
sustained by the fund and all other moneys received from the fund from any other
source.
All moneys in the fund must be mingled and undivided. Subject to the provisions of this
chapter, the state agency is vested with full power, authority, and jurisdiction over the
fund, including all moneys and property or securities belonging thereto, and may
perform any and all acts whether or not specifically designated, which are necessary
to the administration thereof and are consistent with the provisions of this chapter.
2. The social security contribution fund must be established and held separate and apart
from any other funds or moneys of the state and must be used and administered
exclusively for the purpose of this chapter. Withdrawals from such fund must be made
for, and solely for:
a. Payment of amounts required to be paid to the secretary of the treasury pursuant
to an agreement entered into under section 52-10-03;
b. Payment of refunds provided for in subsection 3 of section 52-10-04; and
c. Refunds of overpayments, not otherwise adjustable, made by a political
subdivision or instrumentality.
3. From the social security contribution fund the custodian of the fund shall pay to the
secretary of the treasury such amounts and at such time or times as may be directed
by the state agency in accordance with any agreement entered into under section
52-10-03 and the Social Security Act.
4. The treasurer of the state of North Dakota is ex officio treasurer and custodian of the
social security contribution fund and shall administer such fund in accordance with the
provisions of this chapter and the directions of the state agency. All disbursements
from such fund except administrative expenses must be made in accordance with
such regulations as the state agency may prescribe.
5. a. There are hereby authorized to be appropriated annually to the contribution fund,
in addition to the contributions collected and paid into the contribution fund under

sections 52-10-04 and 52-10-05, to be available for the purposes of subsections
2 and 3 until expended, such additional sums as are found to be necessary in
order to make the payments to the secretary of the treasury which the state is
obligated to make pursuant to an agreement entered into under section 52-10-03.
b. The state agency shall submit to each regular session of the legislative assembly,
at least ninety days in advance of the beginning of such session, an estimate of
the amounts authorized to be appropriated to the social security contribution fund
by subdivision a for the next appropriation period.