NY Work Comp L § 109-B (2021)
2021 New York Laws WKC - Workers' Compensation Article 6-A - Workers' Compensation Security Fund 109-B - Custody and Investment of Fund.

§  109-b.  Custody and investment of fund. 1. The fund created by this article shall be separate and apart from any other fund so  created  and from  all  other  state moneys, and the faith and credit of the state of New York is pledged for its safekeeping. The  commissioner  of  taxation and  finance  shall be the custodian of said fund; and all disbursements from said fund shall be made by the commissioner of taxation and finance upon vouchers signed by the superintendent of financial services, or his deputy, as hereinafter provided. The moneys of said fund may be invested by the commissioner of taxation and finance in the stocks  or  bonds  of the  United States or of this state and in interest bearing certificates of deposit of a bank or trust  company  located  and  authorized  to  do business  in  this  state  or  of  a national bank located in this state secured by a pledge of direct obligations of the United States or of the state of New York, or in  accordance  with  the  provisions  of  section ninety-eight-a  of  the  state  finance  law,  in an amount equal to the amount of such certificates of deposit. The commissioner of taxation and finance may sell any of the securities or  certificates  of  deposit  in which  said fund is invested, if advisable for its proper administration or in the best interests  of  such  fund,  and  all  earnings  from  the investments of such fund shall be credited to such fund.   2.  (a)  Notwithstanding  any  provision  of  law to the contrary, the superintendent of  financial  services  shall  annually  no  later  than November  first  in  each  year,  submit to the director of the budget a request  for  an  appropriation  of  sixty-seven  million  dollars.  The governor  shall  include such amount in a budget bill for the next state fiscal  year.  The  state  comptroller  shall  encumber  the  amount  so appropriated  before  the  end  of  the  fiscal  year for which any such appropriation is made. If for any fiscal year  commencing  on  or  after April first, nineteen hundred eighty-three, the governor fails to submit a budget bill containing an appropriation in the amount requested by the superintendent  of  financial  services  or  the  legislature  fails  to appropriate the amount in a budget bill submitted by  the  governor  for such  fiscal year, the amount appropriated for and encumbered during the preceding fiscal year shall be payable forthwith  to  the  fund  on  the first  day  of  July  of  such  year  in  the  manner prescribed by law, provided, however, that such amount  shall  not  exceed  the  amount  of moneys  transferred  to  the  general fund from the fund pursuant to the provisions of  chapter  fifty-five  of  the  laws  of  nineteen  hundred eighty-two.  (b)  It  is  hereby  found and declared that any appropriation made as provided for in paragraph (a) of this subdivision  shall  be  deemed  an asset of the fund, and that any transfer of moneys from such fund to the general  fund in accordance with the provisions of chapter fifty-five of the laws of nineteen hundred eighty-two is deemed a proper  and  prudent legal  undertaking for any state officer with the responsibility for the custody or the investment of the assets of the fund, notwithstanding any other provision of law to the contrary.