§ 28-42-18 — § 28-42-18. Establishment of fund.

§ 28-42-18. Establishment of fund.

(a) There is created the employment security fund, to be administered by the director without liability on the part of the state beyond the amounts paid into and earned by the fund. This fund shall consist of:

(1) All contributions paid pursuant to §§ 28-43-16 — 28-43-22;

(2) All other moneys paid into and received by the fund;

(3) Property and securities acquired by and through the use of moneys belonging to the fund;

(4) Interest earned upon the money belonging to the fund; and

(5) All money credited to this state's account in the unemployment trust fund pursuant to 42 U.S.C. § 1103.

(6) Advances from the general fund, authorized by the governor and the director of administration, for the purpose of repaying loans outstanding from the federal government or for paying unemployment insurance benefits due to avoid borrowing from the federal government in a given fiscal year. However, all such advances made to the fund shall be repaid to the general fund, with interest as determined by the general treasurer, within the same fiscal year.

(b) All moneys in the fund shall be mingled and undivided.

Legislative History

P.L. 1936, ch. 2333, § 4; P.L. 1937, ch. 2556, § 1; G.L. 1938, ch. 284, § 4; P.L. 1949, ch. 2175, § 1; impl. am. P.L. 1953, ch. 3206, § 1; G.L. 1956, § 28-42-18; P.L. 1963, ch. 70, § 1; P.L. 1985, ch. 282, § 1; P.L. 1986, ch. 17, § 1; P.L. 1986, ch. 198, § 25; P.L. 1986, ch. 409, § 1; P.L. 2013, ch. 144, art. 14, § 4; P.L. 2014, ch. 145, art. 11, § 3.