2023 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.