§ 22-4-26-3 — Treasurer of fund; depositories; investments

Indiana § 22-4-26-3

• Jurisdiction: Indiana
• Art. 4: UNEMPLOYMENT COMPENSATION SYSTEM
• Ch. 26: Unemployment Insurance Benefit Fund

Text

The treasurer of state shall be ex officio
treasurer and custodian of the fund and shall administer the fund in
accordance with the provisions of this article and the directions of the
commissioner. All contributions provided for in this article shall be
paid to and collected by the department. All contributions and other
money payable to the fund as provided in this article upon receipt by
the department shall be paid to and deposited in a separate clearing
account for the exclusive benefit of the unemployment insurance
benefit fund. The commissioner shall forward the money and deposit
it, together with any money earned while in the treasurer's custody and
any other money received by the treasurer for the payment of benefits
from any source other than the unemployment trust fund, with the
Secretary of the Treasury of the United States of America to the credit
of the unemployment trust fund. All money belonging to the
unemployment insurance benefit fund and not otherwise deposited,
invested, or paid over pursuant to the provisions of this article may be
deposited by the treasurer of state under the direction of the
commissioner in any banks or public depositories in which general
funds of the state may be deposited, but no public deposit insurance
charge or premium shall be paid out of money in the unemployment
insurance benefit fund, any other provisions of law to the contrary
notwithstanding. The treasurer of state shall, if required by the Social
Security Administration, give a separate bond conditioned upon the
faithful performance of the treasurer's duties as custodian of the fund
in an amount and with such sureties as shall be fixed and approved by
the governor. Premiums for the bond shall be paid as provided in IC 22-4-24.
Formerly: Acts 1947, c.208, s.2703. As amended by
P.L.144-1986, SEC.124; P.L.18-1987, SEC.70; P.L.21-1995, SEC.106;
P.L.171-2016, SEC.39; P.L.122-2019, SEC.37.