23-703. Accounts comprising unemployment
compensation fund; deposits; refunds; commingling funds
prohibited
A. Within the unemployment compensation fund, there are three separate accounts
known as a clearing account, an unemployment trust fund account and a benefit
account. All monies payable to the unemployment compensation fund, upon receipt thereof
by the department or its agent, shall be immediately deposited in the clearing
account. Refunds payable pursuant to the provisions of this chapter may be paid from the
clearing account or the benefit account upon warrants under the direction of the
department. After clearance thereof all other monies in the clearing account shall be
immediately deposited with the secretary of the treasury of the United States to the
credit of the account of this state in the unemployment trust fund, established and
maintained pursuant to section 1104 of the social security act, any provisions of law in
this state relating to deposit, administration, release or disbursement of monies in the
possession or custody of this state to the contrary notwithstanding.
B. Except as otherwise provided in this chapter, monies in the clearing and benefit
accounts may be deposited by the treasurer, under the direction of the department, in any
bank or public depository in which general funds of the state may be deposited, but no
public deposit insurance charge or premium shall be paid from the fund. Monies in the
clearing and benefit accounts shall not be commingled with other state funds, but shall
be maintained in separate accounts on the books of the depository.
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