NY Gen Mun L § 6-M (2021)
2021 New York Laws GMU - General Municipal Article 2 - General Municipal Finances 6-M - Unemployment Insurance Payment Reserve Fund.

§  6-m.  Unemployment insurance payment reserve fund. 1. The governing   board  of  any  municipal  corporation,  school   district,   board   of   cooperative  educational services, or fire district which has elected to   become  liable  for  payments  in  lieu  of  contributions  required  of   employers  liable  for contributions under article eighteen of the labor   law may establish  a  reserve  fund  to  be  known  as  an  unemployment   insurance payment reserve fund.2.  There  may  be  paid  into  such  fund  (a) such amounts as may be   provided therefor by budgetary  appropriations,  (b)  amounts  from  any   other   fund  authorized  by  this  chapter  by  resolution  subject  to   permissive referendum, and (c)  such  other  funds  as  may  be  legally   appropriated.3.  The  moneys  in  such  fund  shall be deposited and secured in the   manner provided by section ten of this article.  The governing board, or   the chief fiscal officer of such municipality, school district, board of   cooperative educational services, or fire  district,  if  the  governing   board  shall  delegate  such  duty to him, may invest the moneys in such   fund in the manner provided by  section  eleven  of  this  article.  Any   interest  earned  or  capital gain realized on the money so deposited or   invested shall accrue to and become part  of  such  fund.  The  separate   identity  of such fund shall be maintained whether its assets consist of   cash or investments or both.4. An expenditure shall be made from such fund only as required by law   to pay into the unemployment insurance fund an amount equivalent to  the   amount  of benefits paid to claimants and charged to the account of such   municipal corporation, school district, board of cooperative educational   services,  or  fire  district  in  accordance  with  the  provisions  of   paragraph  (e)  of subdivision one of section five hundred eighty-one of   the labor law.5. If at the end of any fiscal year the  moneys  in  such  fund  shall   exceed  the  amounts required to be paid pursuant to subdivision four of   this section plus any additional amount  required  to  pay  all  pending   claims,  the  governing  board  of  the  municipal  corporation,  school   district, board of cooperative educational  services  or  fire  district   may,  within  sixty days of the close of such fiscal year, elect to: (a)   transfer said excess, or any part thereof, to  any  fund  authorized  by   this  article  or  section thirty-six hundred fifty-one of the education   law; and/or (b) apply said excess, or any part  thereof  to  the  budget   appropriation of the next succeeding fiscal year.6. If the municipal corporation, school district, board of cooperative   educational services, or fire district shall, after the establishment of   such  fund, terminate its election to become liable for payments in lieu   of contributions, the moneys remaining in such fund may  be  transferred   to  any  other  fund  authorized  by  this chapter or section thirty-six   hundred fifty-one of the education law, only  to  the  extent  that  the   moneys in such fund shall exceed in amount the sum sufficient to pay all   pending claims.