[§383-127]  Special unemployment insurance
administration fund.  (a)  There is created in the state treasury a special
fund to be known as the special unemployment insurance administration fund. 
All interest, fines, and penalties collected under this chapter on and after
October 1, 1987, shall be paid into this fund and shall not be commingled
with other state funds but maintained in a separate account on the books of the
depository.  Interest earned upon moneys in the administration fund shall be deposited
and credited to the administration fund.



All moneys payable to the administration fund
shall be transferred immediately into the administration fund from the clearing
account of the unemployment compensation fund.  The director of finance shall
be the treasurer and custodian of the administration fund and shall administer
the fund in accordance with directions by the director of labor and industrial
relations.  The director of finance shall be liable on the director's official
bond for the faithful performance of all duties in connection with the
administration fund.  All sums recovered on such surety bond for losses
sustained by the administration fund shall be deposited into the fund.



(b)  Notwithstanding any other provisions of
this section to the contrary, the moneys in the administration fund shall be
used for the payment of the following expenses and obligations relating to the
administration of the unemployment insurance program:



(1)  Refunds or adjustments of interest on delinquent
contributions and penalties or fines erroneously collected under this chapter;



(2)  Expenses for which allocation of federal funds
have been duly requested but not yet received, subject to the reimbursement of
the expenditures against the funds received;



(3)  Expenditures deemed necessary by the director in
the administration of this chapter for which no allocations of federal
administration funds have been made; and



(4)  Interest due under the provisions of section
1202(b) of the Social Security Act, as amended, for advances made to the
unemployment compensation fund.



(c)  No moneys in the administration fund shall
be expended for any purpose for which federal funds would otherwise be
available.



(d)  All expenditures from the administration
fund, except for refunds of penalties and interest erroneously collected, shall
be approved by the director.



(e)  All moneys deposited or paid into the
administration fund shall be continuously available to the director for
expenditures consistent with this section and shall not lapse at any time.  The
director may transfer moneys deposited in the administration fund to the
unemployment compensation fund as the director deems necessary.



(f)  Twenty days before the convening of the
legislature in regular session each year, the director shall submit a report to
the legislature on the financial status of the special unemployment insurance
administration fund. [L 1987, c 119, §1; am L 1988, c 77, §1]



 



Revision Note



 



  Section renumbered by revisor.