(a) There is hereby established a special fund to be known as the Contribution Fund. Such Fund shall consist of and there shall be deposited in such Fund: (1) all contributions, interest, and penalties collected under sections 574 and 575 of this title; (2) all monies appropriated thereto under this chapter; (3) any property or securities and earnings thereof acquired through the use of monies belonging to the Fund; (4) interest earned upon any monies in the Fund; and (5) all sums recovered upon the bond of the custodian or otherwise for losses sustained by the Fund and all other monies received for the Fund from any other source. All monies in the Fund shall be mingled and undivided. Subject to the provisions of this chapter, the State agency is vested with full power, authority, and jurisdiction over the Fund, including all monies and property or securities belonging thereto, and may perform any and all acts whether or not specifically designated, which are necessary to the administration thereof and are consistent with the provisions of this chapter.

(b) The Contribution Fund shall be established and held separate and apart from any other funds or monies of the State and shall be used and administered exclusively for the purpose of this chapter. Withdrawals from such Fund shall be made for, and solely for (1) payment of amounts required to be paid to the Secretary of the Treasury pursuant to an agreement entered into under section 573 of this title; (2) payment of refunds provided for in subsection 574(c) of this title; and (3) refunds of overpayments, not otherwise adjustable, made by a political subdivision or instrumentality.

(c) From the Contribution Fund the custodian of the Fund shall pay to the Secretary of the Treasury such amounts and at such time or times as is provided under the terms of the agreement entered into under section 573 of this title and the Social Security Act.

(d) The Treasurer of the State shall be ex officio treasurer and custodian of the Contribution Fund and shall administer such fund in accordance with the provisions of this chapter. The State Treasurer may appoint a director and other assistants as he or she may deem necessary to administer this chapter and fix their salaries, under the provisions of section 310 of this title, with the approval of the Governor.

(e) There are hereby authorized to be appropriated annually to the Contribution Fund, in addition to the contributions collected and paid into the Contribution Fund under sections 574 and 575 of this title, to be available for the purposes of subsections (b) and (c) of this section until expended, such additional sums as are found to be necessary in order to make the payments to the Secretary of the Treasury which the State is obligated to make pursuant to an agreement entered into under section 573 of this title. (Amended 2003, No. 122 (Adj. Sess.), § 294c.)