§ 215 — Commissioner of taxation and finance custodian of fund

New York § 215

• Jurisdiction: New York
• Law WKC: Workers' Compensation
• Art. 9: Disability Benefits

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§ 215. Commissioner of taxation and finance custodian of fund. The\ncommissioner of taxation and finance shall be the custodian of the\nspecial fund for disability benefits and all disbursements therefrom\nshall be paid by him upon drafts signed by the chairman or those\nauthorized by the chairman for that purpose. The commissioner of\ntaxation and finance shall give a separate and additional bond in an\namount to be fixed by and with sureties approved by the state\ncomptroller conditioned for the faithful performance of his duty as\ncustodian of the fund. The commissioner of taxation and finance shall\ndeposit any portion of the fund not needed for immediate use, in the\nmanner and subject to all the provisions of law respecting the deposit\nof other state funds by him. The commissioner of taxation and finance\nmay invest any surplus or reserve moneys thereof in securities of the\nUnited States or the state of New York and in interest bearing\ncertificates of deposit of a bank or trust company located and\nauthorized to do business in this state or of a national bank located in\nthis state secured by a pledge of direct obligations of the United\nStates or of the state of New York, or in accordance with the provisions\nof section ninety-eight-a of the state finance law, in an amount equal\nto the amount of such certificates of deposit, and may sell any such\nsecurities or certificates of deposit if advisable for the proper\nadministration of such fund. Interest earned by such portion of the fund\ndeposited or invested by the commissioner of taxation and finance shall\nbe collected by him and placed to the credit of the fund. The\ncommissioner of taxation and finance may issue checks on the fund for\nthe transfers of moneys between depositories and for the purpose of\nmaking investments for the fund.\n