1. There is hereby created in the state treasury a special fund to be known as the “Unemployment Compensation Administration Fund”. All moneys in this fund shall be continuously available to the division for expenditure in accordance with the provisions of this law, and shall not lapse at any time or be transferred to any other fund, and shall be expended solely for the purpose of defraying the cost of the administration of this law, and for no other purpose whatsoever. The fund shall consist of all moneys appropriated by this state, and all moneys received from the United States of America, or any agency thereof, or from any other source, for such purpose, and shall also include any moneys received from any agency of the United States or any other state as compensation for services or facilities supplied to such agency, any amounts received pursuant to any surety bond or insurance policy or from other sources from losses sustained by the unemployment compensation administration fund or by reason of damages to equipment or supplies purchased from moneys in such fund and any proceeds realized from the sale or disposition from any such equipment or supplies which may no longer be necessary for the proper administration of this law. Notwithstanding any provision of this section, all money requisitioned and deposited in this fund pursuant to subdivision (3) of subsection 5 of section 288.290 shall remain part of the unemployment compensation fund and shall be used only in accordance with the conditions specified in subsection 5 of section 288.290. All moneys in this fund shall be deposited, administered and disbursed, in the same manner and under the same conditions and requirements as is provided by law, for other special funds in the state treasury. The state treasurer shall be liable on his official bond for the faithful performance of his duties in connection with the unemployment compensation administration fund.

2. Upon the request of the division, with the written consent of the director of the department of labor and industrial relations, the office of administration shall draw warrants payable to the duly appointed cashiers of the petty cash accounts of the division in an amount to be specified by the director of the division. The sum so specified shall be administered by the cashier as a revolving account to be used in the payment of incidental expenses of the area for which he has been appointed.