There is hereby created a special fund to be known as the Contingent Fund. All interest, fines, and penalties collected under the provisions of the unemployment compensation law after April 1, 1947, together with any voluntary contributions tendered as a contribution to this Fund, shall be paid into this Fund. Such monies shall not be expended or available for expenditures in any manner which would permit their substitution for, or a corresponding reduction in, federal funds which would in the absence of such monies be available to finance expenditures for the administration of the unemployment compensation law. But nothing in this chapter shall prevent such monies from being used as a revolving fund to cover expenditures, necessary and proper under the law for which federal funds have been duly requested but not yet received, subject to the charging of such expenditures against such funds when received. The monies in this Fund shall be used by the Commissioner for the payment of costs of administration which are found not to have been properly and validly chargeable against federal grants, or other funds, received for or in the Unemployment Compensation Administration Fund on or after January 1, 1947. No expenditure of the Fund shall be made unless and until the Commissioner finds that no other funds are available or can properly be used to finance such expenditures. The State Treasurer shall co-sign all expenditures from this Fund authorized by the Commissioner. The monies in this Fund are hereby specifically made available to replace, within a reasonable time, any monies received by this State pursuant to section 302 of the federal Social Security Act, as amended, which because of any action or contingency, have been lost or have been expended for purposes other than, or in amounts in excess of, those necessary for the proper administration of the unemployment compensation law. The monies in this Fund shall be continuously available to the Commissioner for expenditure in accordance with the provisions of this section and shall not lapse at any time or be transferred to any other fund except as herein provided. Provided, however, that on December 31 of each year all monies in excess of $10,000.00 in this Fund shall be transferred to the Unemployment Compensation Fund. On or before March 31 of each year, an audit of this Fund will be completed and a report of that audit will be made public. In the event that a refund of interest, a fine, or a penalty is found necessary, and such interest, fine, or penalty has been deposited in the Contingent Fund, such refund shall be made from the Contingent Fund. (Amended 1959, No. 329 (Adj. Sess.), § 22, eff. March 1, 1961; 1961, No. 210, § 15, eff. July 11, 1961; 1983, No. 16, § 8, eff. April 4, 1983; 1985, No. 121 (Adj. Sess.), § 2, eff. April 16, 1986.)