52-04-21.1. Advances from certain sources other than federal unemployment trust
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/nd/title-52/chapter-52-04-contributions/52-04-21-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
fund.
Job service North Dakota may borrow funds from the Bank of North Dakota. Job service North Dakota may also receive title XII advances from the federal unemployment trust fund.
However, the borrowings and advances may not exceed amounts which are necessary and sufficient to meet payment of unemployment compensation benefits, repayment of title XII advances from the federal unemployment trust fund, and payment of interest on title XII advances from the federal unemployment trust fund. Any such amounts borrowed from the Bank of North Dakota must be repaid no later than the end of the biennium in which they are borrowed. Any such amounts borrowed from the Bank of North Dakota are not indebtedness of the state or of any officer or agent of the state within the meaning of any statutory or constitutional provision.
The borrowed funds may be placed in the state unemployment compensation fund or in the federal advance interest repayment fund established under section 52-04-22.
Any such amounts placed in the state unemployment compensation fund may be used to pay unemployment compensation benefits and to repay title XII advances from the federal unemployment trust fund. Any such amounts placed in the federal advance interest repayment fund may be used to pay interest on title XII advances from the federal unemployment trust fund.
Job service North Dakota may repay funds borrowed from the Bank of North Dakota, which are placed in the state unemployment compensation fund, from amounts in the state unemployment compensation fund. Job service North Dakota may also repay funds borrowed from the Bank of North Dakota which are placed in the federal advance interest repayment fund, from amounts in the federal advance interest repayment fund. However, any interest due on any borrowed funds whatsoever may not be paid from amounts in the state unemployment compensation fund. Interest due on such borrowed funds must be paid from the federal advance interest repayment fund.