(1) There is hereby established a special fund to be known as the Colorado social security contribution fund, of which the state treasurer shall be custodian. (2) (a) The department is authorized to administer said fund and to perform all acts necessary for such administration, whether or not expressly prescribed in this article. (b) The department may establish within such fund, from interest and other charges accruing thereto not payable to the United States secretary of the treasury, a contingency account for the purpose of making payments to the United States secretary of the treasury of amounts claimed by the secretary of the United States department of health and human services to be due and owing from any political subdivision, payment of which amounts have not theretofore been made to the department by said political subdivision. The department may also establish within such fund, from such interest and other charges, an account from which the administrative expenses and costs incurred by the department may be paid directly to the department or to the department of the treasury in reimbursement of such expenses and costs previously paid. Such accounts shall be subject to annual audit. All moneys expended by the department from this account shall be appropriated by the general assembly. (3) There shall be credited and paid to said contribution fund: (a) All moneys appropriated thereto by the general assembly; (b) All contributions, interest, and penalties collected by the department pursuant to the provisions of sections 24-53-103 and 24-53-104; (c) Any interest derived from investment of moneys belonging to the fund and any property or securities received from the use of said moneys; (d) Any moneys recovered upon the bond of the custodian or otherwise for losses sustained by the fund and all other moneys received for the fund from any other source. (4) (a) Said fund shall be held separate and apart from other state moneys and shall be used exclusively for the purposes of this article. Payments therefrom shall be made solely for amounts required to be paid under this article to the United States secretary of the treasury from time to time pursuant to agreements entered into pursuant to the provisions of section 24-53-102, for refunds provided for in section 24-53-103 (3), for refunds of overpayments of political subdivisions not otherwise adjustable, and for payments made pursuant to the provisions of subsection (2)(b) of this section. (b) All such payments shall be made upon vouchers submitted to the office of the state controller and by warrants drawn upon the state treasurer in the manner prescribed by law. (c) Any moneys in the fund not immediately required for such payments shall, at the direction of the department, be temporarily invested by the state treasurer, or, at the direction of the department, all amounts in excess of anticipated expenditures shall be paid annually to the general fund. (d) If moneys in the fund are paid into the general fund pursuant to the provisions of paragraph (c) of this subsection (4) and if, subsequent to the payment to the general fund, the department becomes liable for any expenditure under this article, the expenditure shall be paid out of moneys in the general fund up to the amount paid into the general fund by the department.
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