Establishment; source of funds
Sec. 1. There is established a special fund to be known as the
unemployment insurance benefit fund which shall be administered
separate and apart from all public money or funds of the state. This
fund shall consist of:
(1) all contributions, all payments in lieu of contributions, all
money received from the federal government as reimbursements
pursuant to section 204 of the Federal-State Extended
Compensation Act of 1970, and all money paid into and
received by it as provided in this article;
(2) any property or securities and the earnings thereof acquired
through the use of money belonging to the fund;
(3) all other money received for the fund from any other source;
(4) all money credited to this state's account in the
unemployment trust fund pursuant to 42 U.S.C. 1103, as
amended; and
(5) interest earned from all money in the fund.
Subject to the provisions of this article, the board is vested with full
power, authority, and jurisdiction over the fund, including all money
and property or securities belonging thereto, and may perform any
and all acts whether or not specifically designated in this article
which are necessary or convenient in the administration thereof
consistent with the provisions of this article and the Depository Act.
The money in this fund shall be used only for the payment of
unemployment compensation benefits.
(Formerly: Acts 1947, c.208, s.2701; Acts 1957, c.299, s.8; Acts
1973, P.L.239, SEC.5.) As amended by P.L.18-1987, SEC.68.
Last modified: May 27, 2006