Colorado § 8-70-107 Disposition of funds in event of unconstitutionality

Colorado Statutes

§ 8-70-107 — Disposition of funds in event of unconstitutionality

Colorado·Title 08 Labor and·Art. Definitions - General Provisions

(1)Articles 70 to 74 and 76 to 81 of this title are enacted for the purpose of participating in the advantages available to the state of Colorado under the federal Social Security Act, as amended. In the event that Title IX of the federal Social Security Act or any amendments to the federal act are amended or repealed by congress or are held unconstitutional by the supreme court of the United States, with the result that no portion of the premiums required under articles 70 to 74 and 76 to 81 of this title may be credited against the tax imposed by Title IX of the federal Social Security Act, the division shall requisition from the unemployment trust fund all moneys in the trust fund standing to the credit of the state of Colorado, and such moneys, together with any other moneys

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(1) Articles
70 to 74 and 76 to 81 of this title are enacted for the purpose of participating in the
advantages available to the state of Colorado under the federal Social Security
Act, as amended. In the event that Title IX of the federal Social Security Act or
any amendments to the federal act are amended or repealed by congress or are
held unconstitutional by the supreme court of the United States, with the result
that no portion of the premiums required under articles 70 to 74 and 76 to 81 of this
title may be credited against the tax imposed by Title IX of the federal Social
Security Act, the division shall requisition from the unemployment trust fund all
moneys in the trust fund standing to the credit of the state of Colorado, and such
moneys, together with any other moneys in the unemployment compensation fund,
shall be refunded to the contributors proportionate to their unexpended balances in
the fund.

(2) In the event that the provisions of articles 70 to 74 and 76 to 81 of this
title requiring the payment of premiums and benefits are held invalid under the
constitution of this state by the supreme court of this state or the supreme court of
the United States or are held invalid under the United States constitution by the
supreme court of the United States or the supreme court of this state, the division
shall requisition from the unemployment trust fund all moneys in the trust fund
standing to the credit of the state of Colorado, and such moneys, together with any
other moneys in the unemployment compensation fund, shall be held in custody by
the state treasurer in the same manner as provided in section 8-77-105 until such
time as the general assembly provides for the disposition of the moneys; except
that the general assembly shall not dispose of the moneys other than for
unemployment compensation purposes or for reimbursements to the contributors
under the provisions of articles 70 to 74 and 76 to 81 of this title, proportionate to
their unexpended balances in the fund.

Colorado § 8-70-107 (Disposition of funds in event of unconstitutionality) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 56: Ex. Sess., p. 26, � 2. CRS 53: � 82-1-7. C.R.S. 1963: � 82-1-7. L. 81: (3) amended, p. 490, � 2, effective July 1. L. 2009: Entire section amended, (HB 09-1363), ch. 363, p. 1878, � 3, effective July 1.