This text of New York § 552 (Special fund) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 552. Special fund.
1.Source. There is hereby established the\nspecial fund. It shall consist of all moneys credited thereto pursuant\nto the provisions of sections five hundred thirty-nine and five hundred\nfifty-three of this article, of property and securities acquired by and\nthrough the use of moneys belonging to such fund, and of interest earned\nupon moneys belonging to such fund and deposited or invested. The\ncommissioner of taxation and finance shall be the custodian of such fund\nand the moneys therein shall be deposited by him in the same manner as\nother state moneys. Moneys in such fund may be invested by the state\ncomptroller in accordance with the provisions of section ninety-eight of\nthe state finance law, and shall be used for the purposes specified\nherein. Any bal
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§ 552. Special fund. 1. Source. There is hereby established the\nspecial fund. It shall consist of all moneys credited thereto pursuant\nto the provisions of sections five hundred thirty-nine and five hundred\nfifty-three of this article, of property and securities acquired by and\nthrough the use of moneys belonging to such fund, and of interest earned\nupon moneys belonging to such fund and deposited or invested. The\ncommissioner of taxation and finance shall be the custodian of such fund\nand the moneys therein shall be deposited by him in the same manner as\nother state moneys. Moneys in such fund may be invested by the state\ncomptroller in accordance with the provisions of section ninety-eight of\nthe state finance law, and shall be used for the purposes specified\nherein. Any balance in such fund shall not lapse at any time but shall\nremain continuously available for such purposes.\n 2. Use of fund. The moneys in this fund may be used to\n (a) Finance operations deemed necessary by the commissioner in the\nadministration of this article and approved by the director of the\nbudget, including expenditures pursuant to section five hundred\nthirty-nine of this article;\n (1) for which no appropriations or inadequate appropriations from\nfederal funds are made; or\n (2) for which a grant is made from appropriated federal funds but not\nyet received, provided the special fund is reimbursed upon receipt of\nsuch federal grant;\n (b) Replace moneys in the unemployment administration fund pursuant to\nthe provisions of subdivision two of section five hundred fifty-one of\nthis article;\n (c) Make refunds of interest and penalties erroneously collected;\n (d) Defray the cost of vocational and related training courses and\nmake payments to persons enrolled in such courses, as provided in\narticle twenty-three-A of this chapter, and such expenditures shall not\nbe subject to the conditions are set forth in paragraph (b) of\nsubdivision three of this section.\n (e) Pay interest on contributions, interest and penalties erroneously\ncollected.\n 3. Notwithstanding any provision of subdivision two of this section\n (a) The special fund shall not be used in whole or in part for any\npurpose or in any manner which (1) would permit its substitution for, or\na corresponding reduction in, federal funds that would be available in\nits absence to finance expenditures for the administration of this\narticle; or (2) would cause the appropriate agency of the United States\ngovernment to withhold any part of an administrative grant which would\notherwise be made; and\n (b) No expenditure from such fund shall be made unless the\ncommissioner and the director of the budget find that no other funds are\navailable or can properly be used to finance such expenditure.\n 4. The commissioner of taxation and finance shall, upon the direction\nof the industrial commissioner and with the approval of the director of\nthe budget, transfer from the special fund to the unemployment insurance\nfund such moneys available in the special fund which are in excess of\nreasonable needs for the purposes set forth in subdivision two of this\nsection. Such moneys shall thereupon be credited to the general account.\n