* § 97-cccc. Interest assessment surcharge fund. 1. There is hereby
established in the joint custody of the commissioner of taxation and
finance and the state comptroller a fund to be known as the "interest
assessment surcharge fund".

2. The interest assessment surcharge fund shall consist of all moneys
collected and received by the commissioner from employers pursuant to
section five hundred eighty-one-d of the labor law and of interest
earned upon moneys belonging to such fund and deposited or invested. All
moneys so collected shall be deposited in a bank, trust company or
industrial bank designated by the state comptroller. Moneys so deposited
shall be credited immediately to the account of the interest assessment
surcharge fund and shall be used for the purposes set forth in this
section. Moneys in such fund may be invested by the state comptroller in
accordance with the provisions of section ninety-eight of this article,
and shall be used for the purposes specified in this section. Any
balance in such fund shall not lapse but shall remain continuously
available for such purposes until full interest payments are paid to the
federal government in accordance with the provisions of this section.

3. Moneys in the interest assessment surcharge fund shall be kept
separate from and shall not be commingled with any other moneys in the
custody of the commissioner of taxation and finance and the state
comptroller. All deposits of such moneys shall, if required by the state
comptroller, be secured by obligations of the United States or of this
state of market value equal at all times to the amount of the deposit
and all banks and trust companies are authorized to give such securities
for such deposits.

4. Moneys of the fund shall be used exclusively for the purpose of
paying interest due on advances from the federal unemployment account
under Title XII of the Social Security Act (42 U.S. Code Sections 1321
to 1324) and thereafter crediting employer accounts as provided in
section five hundred eighty-one-d of the labor law. The moneys shall be
paid out of the fund on the audit and warrant of the state comptroller.

5. The interest assessment surcharge fund shall not be used in whole
or in part for any purpose or in any manner which (a) would permit its
substitution for, or a corresponding reduction in, federal funds that
would be available in its absence to finance expenditures for the
administration of this article; or (b) would cause the appropriate
agency of the United States government to withhold any part of an
administrative grant which would otherwise be made.

* NB There are 4 § 97-cccc's