§ 553. Disposition of moneys collected. 1. Depository. All moneys
collected as contributions, interest and penalties under this article
shall be deposited in a bank, trust company or industrial bank
designated by the state comptroller. All moneys so deposited shall be
credited immediately to the account of the unemployment insurance fund,
except as provided in subdivision two of this section.

2. Interest and penalties. The commissioner shall certify periodically
to the depository the amount of interest and penalties which were
imposed and collected under title six of this article and the
department's share of the penalties imposed and collected pursuant to
paragraph one of subsection (v) of section six hundred eighty-five of
the tax law and deposited pursuant to subdivision one of this section. A
sum equal to the total amount of interest and penalties certified by the
commissioner, less the penalties collected pursuant to paragraph (b) of
subdivision two of section five hundred eighty-one of this article and
the department's share of the penalties collected pursuant to paragraph
one of subsection (v) of section six hundred eighty-five of the tax law
shall thereupon be credited to the special fund established pursuant to
section five hundred fifty-two of this article. The penalties collected
pursuant to paragraph (b) of subdivision two of section five hundred
eighty-one of this article and the department's share of the penalties
collected pursuant to paragraph one of subsection (v) of section six
hundred eighty-five of the tax law shall thereupon be credited to the
unemployment insurance control fund established pursuant to section five
hundred fifty-two-b of this article.