1. There is hereby established a special fund to be known as the social security contribution fund. Such fund must consist of and there must be deposited in such fund: a. All contributions, interest, and penalties collected under sections 52 -10-04 and 52-10-05; b. All moneys appropriated thereto under this chapter; c. Any property or securities and earnings thereof acquired through the use of moneys belonging to the fund; d. Interest earned upon any moneys in the fund; and e. All sums recovered upon the bond of the custodian or otherwise for losses sustained by the fund and all other moneys received from the fund from any other source. All moneys in the fund must 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 moneys 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. 2. The social security contribution fund must be established and held separate and apart from any other funds or moneys of the state and must be used and administered exclusively for the purpose of this chapter. Withdrawals from such fund must be made for, and solely for: a. Payment of amounts required to be paid to the secretary of the treasury pursuant to an agreement entered into under section 52-10-03; b. Payment of refunds provided for in subsection 3 of section 52-10-04; and c. Refunds of overpayments, not otherwise adjustable, made by a political subdivision or instrumentality. 3. From the social security contribution fund the custodian of the fund shall pay to the secretary of the treasury such amounts and at such time or times as may be directed by the state agency in accordance with any agreement entered into under section 52-10-03 and the Social Security Act. 4. The treasurer of the state of North Dakota is ex officio treasurer and custodian of the social security contribution fund and shall administer such fund in accordance with the provisions of this chapter and the directions of the state agency. All disbursements from such fund except administrative expenses must be made in accordance with such regulations as the state agency may prescribe. 5. a. 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 52-10-04 and 52 -10-05, to be available for the purposes of subsections 2 and 3 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 52-10-03. b. The state agency shall submit to each regular session of the legislative assembly, at least ninety days in advance of the beginning of such session, an estimate of the amounts authorized to be appropriated to the social security contribution fund by subdivision a for the next appropriation period.
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