§ 8-77-108 — Federal advance interest repayment fund

(1) There is hereby
created the federal advance interest repayment fund, to which shall be credited all
assessments collected by the division on total wages pursuant to the provisions of
section 8-77-103 (2).

(2) All moneys accruing to the fund in any manner whatsoever shall be
maintained in a separate account by the state treasurer; except that all funds in the
fund are hereby appropriated to the division for use in repayment of interest due
and associated administrative costs pursuant to section 8-77-103.

(3) After all known interest charges and associated administrative costs
pursuant to section 8-77-103 have been paid, any remaining moneys in the fund
may be transferred to the unemployment revenue fund. Interest required to be paid
under section 8-77-103 shall not be paid, directly or indirectly, from amounts in the
unemployment compensation fund.

Legislative History

Source: L. 82: Entire section added, p. 240, � 10, effective July 1. L. 85: (2) and (3) amended, p. 376, � 7, effective July 1.