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

All moneys payable to the administration fundshall be transferred immediately into the administration fund from the clearingaccount of the unemployment compensation fund.  The director of finance shallbe the treasurer and custodian of the administration fund and shall administerthe fund in accordance with directions by the director of labor and industrialrelations.  The director of finance shall be liable on the director's officialbond for the faithful performance of all duties in connection with theadministration fund.  All sums recovered on such surety bond for lossessustained by the administration fund shall be deposited into the fund.

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

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

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

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

(4)  Interest due under the provisions of section1202(b) of the Social Security Act, as amended, for advances made to theunemployment compensation fund.

(c)  No moneys in the administration fund shallbe expended for any purpose for which federal funds would otherwise beavailable.

(d)  All expenditures from the administrationfund, except for refunds of penalties and interest erroneously collected, shallbe approved by the director.

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

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

 

Revision Note

 

  Section renumbered by revisor.