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341.240 Unemployment compensation administration fund.
(1)
(2)
(3)
(4)
There is hereby created in the State Treasury a special fund to be known as the
unemployment compensation administration fund. All money deposited or paid into
this fund is hereby appropriated and shall be continuously available to the secretary
for expenditure consistent with this chapter, and shall not lapse at any time. A
general statement that all continuing appropriations are repealed shall not be
construed as repealing this section.
All money in the unemployment compensation administration fund shall be
expended solely to defray the cost of the administration of this chapter.
(a) The unemployment compensation administration fund shall consist of all
money appropriated by this state and all money received from the United
States, or any agency thereof or from any other source, for the administration
of this chapter.
(b) The secretary is authorized to obtain funding through any commercially
reasonable means for the benefit of the unemployment compensation
administration fund, including reasonable expenses, so long as the debt, note,
security, or obligations are payable solely from the surcharge proceeds,
revenues, or funds and accounts specifically authorized for such purpose
under this chapter. The State Treasurer shall maintain a separate record of all
money received for the unemployment compensation administration fund
under this paragraph. The secretary is authorized to pledge the surcharge
proceeds under this chapter as security for financing obtained pursuant to this
section.
(c) Any obligation incurred under this subsection shall not constitute a debt,
liability, obligation, or pledge of the credit or taxing power of this
Commonwealth. Any debt or obligation incurred as a result of this subsection
shall be payable solely from the surcharge proceeds, revenues, or funds and
accounts pledged or available for such purpose under this chapter.
(d) On or before July 1, 2012, and quarterly thereafter, the secretary shall report to
the Legislative Research Commission, for referral to the Appropriations and
Revenue Committee and the Labor and Industry Committee, on the financing
authorized in this section for the payment of interest on advances under Title
XII of the Social Security Act, the status of the trust fund, and efforts to obtain
a cap on the federal unemployment tax credit reduction.
In order to establish and maintain free employment offices, the secretary may enter
into agreements with the Railroad Retirement Board or any other agency charged
with the administration of an unemployment insurance law, with any cities or other
political subdivisions of this state or with any private nonprofit organization. As a
party to any such agreement, the secretary may accept money, service or quarters as
a contribution to the unemployment compensation administration fund.
Effective: April 11, 2012
History: Amended 2012 Ky. Acts ch. 52, sec. 1, effective April 11, 2012. -- Amended
1974 Ky. Acts ch. 74, Art. VI, sec. 107(31). -- Amended 1950 Ky. Acts ch. 206,
sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from
Ky. Stat. sec. 4748g-5.
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