* § 97-cccc. Interest assessment surcharge fund.
1.There is hereby\nestablished in the joint custody of the commissioner of taxation and\nfinance and the state comptroller a fund to be known as the "interest\nassessment surcharge fund".\n 2. The interest assessment surcharge fund shall consist of all moneys\ncollected and received by the commissioner from employers pursuant to\nsection five hundred eighty-one-d of the labor law and of interest\nearned upon moneys belonging to such fund and deposited or invested. All\nmoneys so collected shall be deposited in a bank, trust company or\nindustrial bank designated by the state comptroller. Moneys so deposited\nshall be credited immediately to the account of the interest assessment\nsurcharge fund and shall be used for the purposes set fort
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* § 97-cccc. Interest assessment surcharge fund. 1. There is hereby\nestablished in the joint custody of the commissioner of taxation and\nfinance and the state comptroller a fund to be known as the "interest\nassessment surcharge fund".\n 2. The interest assessment surcharge fund shall consist of all moneys\ncollected and received by the commissioner from employers pursuant to\nsection five hundred eighty-one-d of the labor law and of interest\nearned upon moneys belonging to such fund and deposited or invested. All\nmoneys so collected shall be deposited in a bank, trust company or\nindustrial bank designated by the state comptroller. Moneys so deposited\nshall be credited immediately to the account of the interest assessment\nsurcharge fund and shall be used for the purposes set forth in this\nsection. Moneys in such fund may be invested by the state comptroller in\naccordance with the provisions of section ninety-eight of this article,\nand shall be used for the purposes specified in this section. Any\nbalance in such fund shall not lapse but shall remain continuously\navailable for such purposes until full interest payments are paid to the\nfederal government in accordance with the provisions of this section.\n 3. Moneys in the interest assessment surcharge fund shall be kept\nseparate from and shall not be commingled with any other moneys in the\ncustody of the commissioner of taxation and finance and the state\ncomptroller. All deposits of such moneys shall, if required by the state\ncomptroller, be secured by obligations of the United States or of this\nstate of market value equal at all times to the amount of the deposit\nand all banks and trust companies are authorized to give such securities\nfor such deposits.\n 4. Moneys of the fund shall be used exclusively for the purpose of\npaying interest due on advances from the federal unemployment account\nunder Title XII of the Social Security Act (42 U.S. Code Sections 1321\nto 1324) and thereafter crediting employer accounts as provided in\nsection five hundred eighty-one-d of the labor law. The moneys shall be\npaid out of the fund on the audit and warrant of the state comptroller.\n 5. The interest assessment surcharge fund shall not be used in whole\nor in part for any purpose or in any manner which (a) would permit its\nsubstitution for, or a corresponding reduction in, federal funds that\nwould be available in its absence to finance expenditures for the\nadministration of this article; or (b) would cause the appropriate\nagency of the United States government to withhold any part of an\nadministrative grant which would otherwise be made.\n * NB There are 4 § 97-cccc's\n