§ 11-10-804 — Federal Unemployment Trust Fund - Termination

(a) The provisions of this subchapter, to the extent that they relate to the federal Unemployment Trust Fund, shall be operative only so long as the federal Unemployment Trust Fund continues to exist and so long as the United States Secretary of the Treasury continues to maintain for this state a separate book account of all funds deposited therein by this state for benefit purposes, together with this state's proportionate share of the earnings of the federal Unemployment Trust Fund, from which no other state is permitted to make withdrawals. (b) (1) If and when the federal Unemployment Trust Fund ceases to exist, or such separate book account is no longer maintained, all moneys, properties, and securities belonging to the Unemployment Compensation Fund of this state shall be administered by the Director of the Division of Workforce Services as a trust fund for the purpose of paying benefits under this chapter. (2) (A) The director shall have authority to hold, invest, transfer, sell, deposit, and release the moneys and any properties, securities, or earnings acquired as an incident to the administration. (B) The moneys shall be invested in readily marketable classes of securities, bonds, or other interest-bearing obligations of the United States or secured as to both interest and principal by the United States. (C) The investments shall at all times be so made that all the assets of the fund shall always be readily convertible into cash when needed for the payment of benefits.

Legislative History

Amended by Act 2019, No. 910,§ 316, eff. 7/1/2019. Acts 1941, No. 391, § 9; 1965, No. 33, § 1; A.S.A. 1947, § 81-1112.