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341.612 Interest payment fund.
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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.
The unemployment insurance interest payment fund shall be used exclusively for
the purposes 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 and repayment of money,
including any interest thereon, received from any source related to the payment of
interest on such advances. 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 KRS 341.295, and he shall perform any
act necessary or convenient in the administration of the fund consistent with this
section.
Any money collected for the purpose of paying interest on advances under Title XII
of the Social Security Act or repayment of money, including any interest thereon,
received from any source related to the payment of interest on such advances 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 or repayment of money, including any interest thereon, received
from any source related to the payment of interest on advances. 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.
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 and repayment of money, including any interest thereon, received from
any source related to the payment of interest on advances have been paid shall be
credited on a proportional basis to the reserve account of each active subject
contributing employer.
Effective: April 11, 2012
History: Amended 2012 Ky. Acts ch. 52, sec. 6, effective April 11, 2012. -- Amended
1996 Ky. Acts ch. 266, sec. 21, effective July 15, 1996. -- Created 1984 Ky. Acts ch.
326, sec. 2, effective July 13, 1984.
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