§ 6-m. Unemployment insurance payment reserve fund.
1.The governing\nboard of any municipal corporation, school district, board of\ncooperative educational services, or fire district which has elected to\nbecome liable for payments in lieu of contributions required of\nemployers liable for contributions under article eighteen of the labor\nlaw may establish a reserve fund to be known as an unemployment\ninsurance payment reserve fund.\n 2. There may be paid into such fund (a) such amounts as may be\nprovided therefor by budgetary appropriations, (b) amounts from any\nother fund authorized by this chapter by resolution subject to\npermissive referendum, and (c) such other funds as may be legally\nappropriated.\n 3. The moneys in such fund shall be deposited and secured in the\nmanner p
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§ 6-m. Unemployment insurance payment reserve fund. 1. The governing\nboard of any municipal corporation, school district, board of\ncooperative educational services, or fire district which has elected to\nbecome liable for payments in lieu of contributions required of\nemployers liable for contributions under article eighteen of the labor\nlaw may establish a reserve fund to be known as an unemployment\ninsurance payment reserve fund.\n 2. There may be paid into such fund (a) such amounts as may be\nprovided therefor by budgetary appropriations, (b) amounts from any\nother fund authorized by this chapter by resolution subject to\npermissive referendum, and (c) such other funds as may be legally\nappropriated.\n 3. The moneys in such fund shall be deposited and secured in the\nmanner provided by section ten of this article. The governing board, or\nthe chief fiscal officer of such municipality, school district, board of\ncooperative educational services, or fire district, if the governing\nboard shall delegate such duty to him, may invest the moneys in such\nfund in the manner provided by section eleven of this article. Any\ninterest earned or capital gain realized on the money so deposited or\ninvested shall accrue to and become part of such fund. The separate\nidentity of such fund shall be maintained whether its assets consist of\ncash or investments or both.\n 4. An expenditure shall be made from such fund only as required by law\nto pay into the unemployment insurance fund an amount equivalent to the\namount of benefits paid to claimants and charged to the account of such\nmunicipal corporation, school district, board of cooperative educational\nservices, or fire district in accordance with the provisions of\nparagraph (e) of subdivision one of section five hundred eighty-one of\nthe labor law.\n 5. If at the end of any fiscal year the moneys in such fund shall\nexceed the amounts required to be paid pursuant to subdivision four of\nthis section plus any additional amount required to pay all pending\nclaims, the governing board of the municipal corporation, school\ndistrict, board of cooperative educational services or fire district\nmay, within sixty days of the close of such fiscal year, elect to: (a)\ntransfer said excess, or any part thereof, to any fund authorized by\nthis article or section thirty-six hundred fifty-one of the education\nlaw; and/or (b) apply said excess, or any part thereof to the budget\nappropriation of the next succeeding fiscal year.\n 6. If the municipal corporation, school district, board of cooperative\neducational services, or fire district shall, after the establishment of\nsuch fund, terminate its election to become liable for payments in lieu\nof contributions, the moneys remaining in such fund may be transferred\nto any other fund authorized by this chapter or section thirty-six\nhundred fifty-one of the education law, only to the extent that the\nmoneys in such fund shall exceed in amount the sum sufficient to pay all\npending claims.\n