2006 Kentucky Revised Statutes - .612   Interest payment fund.

341.612 Interest payment fund. (1) There is created within the State Treasury a special fund for unemployment insurance known as the interest payment fund which shall be administered separate and apart from all public money or funds of the state. (2) The unemployment insurance interest payment fund shall be used solely for the purpose of payment of interest on advances under Title XII of the Social Security Act received from the United States Department of Labor in support of the unemployment insurance programs of the Commonwealth. The secretary shall have full power, authority, and jurisdiction over the fund, including all money, property, and securities belonging thereto, except where specified otherwise in subsection (4) of this section and KRS 341.295, and he shall perform any act necessary or convenient in the administration of the fund consistent with this section. (3) Any money collected for the purpose of paying interest on advances under Title XII of the Social Security Act shall be invested at interest in banks or other interest- bearing obligations of the United States of America. Investments shall at all times be made so that all the assets of the unemployment insurance interest payment fund shall always be convertible into cash when needed for the payment of interest on advances under Title XII of the Social Security Act. All interest income received under this section shall be credited to the interest payment fund. The State Treasurer shall dispose of securities or other property belonging to the unemployment insurance interest payment fund only under the direction of the secretary and the secretary of the Finance and Administration Cabinet. (4) Any balance of money remaining in the unemployment insurance interest payment fund after all interest due and owing on advances under Title XII of the Social Security Act has been paid shall be deposited with the secretary of the Federal Treasury to the credit of this state's unemployment trust fund for the payment of benefits. Effective: July 15, 1996 History: Amended 1996 Ky. Acts ch. 266, sec. 21, effective July 15, 1996. -- Created 1984 Ky. Acts ch. 326, sec. 2, effective July 13, 1984. Page 1 of 1