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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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