(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 124 and 125 of this title;

(2) all monies appropriated thereto under this act;

(3) all monies paid to the state pursuant to any agreement entered into under Section 123(b) of this title;

(4) any property or securities and earnings thereof acquired through the use of monies belonging to this fund;

(5) interest earned upon any monies in the fund; and

(6) 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 act, 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, consistent with the provisions of this act.

(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 act. Withdrawals from such fund shall be made for and solely for (A) payment of amounts required to be paid to the federal agency pursuant to an agreement entered into under Section 123 of this title; (B) payment of refunds provided for in Section 124(c) of this title; (C) refunds of overpayments, not otherwise adjustable, made by a political subdivision or instrumentality; and (D) to pay administrative costs related to the purposes of this section. Provided, however, for the fiscal year ending June 30, 1994, the Department of Human Services is authorized to expend an amount not to exceed Six Hundred Nineteen Thousand Seventy-eight Dollars ($619,078.00) for the general operation of the agency.

(c) From the Contribution Fund the custodian of the fund shall pay to the federal agency such amount and at such time or times as may be directed by the state agency in accordance with any agreement entered into under Section 123 of this title and applicable federal law.

(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 act and the directions of the state agency and shall pay all warrants drawn upon it in accordance with the provisions of this section and with such regulations as the state agency may prescribe pursuant thereto.

(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 124 and 125 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 federal agency which the state is obligated to make pursuant to an agreement entered into under Section 123 of this title.

Added by Laws 1949, p. 378, § 6, emerg. eff. June 1, 1949. Amended by Laws 1955, p. 281, § 6, emerg. eff. June 6, 1955; Laws 1961, p. 432, § 1, emerg. eff. June 28, 1961; Laws 1987, c. 196, § 16, operative July 1, 1987; Laws 1993, c. 279, § 23.