341.295 Use of moneys in unemployment compensation administration fund.
388 words·~2 min read·
/ky/chapter-341/341-295A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)All fines, penalties, and interest on delinquent contributions collected under KRS
341.300 shall be credited to the unemployment compensation administration fund to
be used for the payment of interest on advances under Title XII of the Social
Security Act, for the repayment of money, including any interest thereon, received
from any source related to the payment of interest on such advances, and for the
administration of this chapter. The State Treasurer shall maintain a separate record
of all money received for the unemployment compensation administration fund
under this section. This money shall not be expended or available for expenditure in
any manner that would permit its substitution for, or a corresponding reduction in,
federal funds that would be available in its absence to finance expenditures for the
administration of this chapter.
(2)But nothing in this chapter shall prevent this money from being used as a revolving
fund to cover necessary and proper expenditures for which federal funds have been
requested but not received, subject to the charging of such expenditures against such
funds when received, or to supplement federal funds which are, in the opinion of the
secretary, insufficient to properly administer this chapter; provided, no more than
twenty-five percent (25%) of the balance of this account may be used in any year for
the purposes authorized under this subsection if interest on advances under Title XII
of the Social Security Act is due and owing or if the repayment of money, including
any interest thereon, received from any source related to the payment of interest on
such advances is due and owing.
(3)If interest on advances under Title XII of the Social Security Act and the repayment
of money, including any interest thereon, received from any source related to the
payment of interest on such advances are not due and owing, the secretary may also
authorize to be charged against such money any expenditures he deems proper and
desirable for the administration of this chapter and replace any money necessary
under the provisions of KRS 341.610, if no other funds are available or can properly
be used to finance such expenditures. The money heretofore collected and credited
to the unemployment compensation contingent fund shall be transferred to the
unemployment compensation administration fund and shall be available for
expenditure under the provisions of this section.