§ 22-4-27-1 — Investments; disposal of securities

Indiana § 22-4-27-1

• Jurisdiction: Indiana
• Art. 4: UNEMPLOYMENT COMPENSATION SYSTEM
• Ch. 27: Management of Funds Upon Discontinuance of

Text

The provisions of IC 22-4-26-1, IC 22-4-26-2,
IC 22-4-26-3, and IC 22-4-26-4, to the extent that they relate to the
unemployment trust fund, shall be operative only so long as such
unemployment trust fund continues to exist and so long as the
Secretary of the Treasury of the United States continues to maintain for
this state a separate book account of all funds deposited in the
unemployment trust fund by the state for benefit purposes, together
with the state's proportionate share of the earnings of such
unemployment trust fund, from which no other state is permitted to
make withdrawals. If and when such unemployment trust fund ceases
to exist or such separate book account is no longer maintained, all
money, properties, or securities in the unemployment trust fund
belonging to the unemployment insurance benefit fund of this state
shall be transferred to the treasurer of the unemployment insurance
benefit fund who shall hold, invest, transfer, sell, deposit, and release
such money, properties, or securities in a manner approved by the
department in accordance with the provisions of this article. The money
shall be invested in the following readily marketable classes of
securities:
(1) Bonds or other interest bearing obligations of the United
States.
(2) Any bonds guaranteed as to principal and interest by the
United States government.
The treasurer of state shall dispose of securities or other properties
belonging to the unemployment insurance benefit fund under the
direction of the commissioner.
Formerly: Acts 1947, c.208, s.2801. As amended by
P.L.144-1986, SEC.127; P.L.18-1987, SEC.73; P.L.21-1995, SEC.109;
P.L.136-2018, SEC.115.