2014 Arizona Revised Statutes
Title 23 - Labor
§ 23-665.03 Note debt service fund
23-665.03. Note debt service fund
(Rpld. 1/1/16)
A. If the director issues notes, the director shall do all of the following:
1. Establish a note debt service fund consisting of monies transferred to the fund pursuant to law.
2. Transfer monies from the unemployment special assessment proceeds fund to the note debt service fund until the debt service fund contains monies sufficient to pay all interest to become due on the notes and note related expenses.
3. Transfer monies from the monies credited to this state's account in the unemployment trust fund pursuant to 42 United States Code section 1103 to the note debt service fund in an amount sufficient to repay all unpaid principal of the notes.
B. Monies in the note debt service fund may be used only to pay amounts payable on notes and note related expenses as they become due.
C. The department shall administer and account for the note debt service fund.
D. On the payment of all amounts due and to become due on the notes and the payment of all note related expenses, any amounts remaining in the note debt service fund shall be transferred to the unemployment compensation fund established by section 23-701.
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