34:15D-14. Transfer of funds to Workforce Development Partnership Fund
197 words·~1 min read·
/nj/title-34/chapter-15d/34-15d-14·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
3. The State Treasurer is hereby authorized and directed to requisition and withdraw on or after July 1, 1992 an amount not to exceed $25,000,000 from revenues received pursuant to paragraph
(1)of subsection
(e)of R.S.43:21-7, at the discretion of the commissioner, from the State disability benefits fund established pursuant to section 22 of P.L.1948, c.110 (C.43:21-46) and to deposit the sum in the Workforce Development Partnership Fund. No transfers may be made from the State disability benefits fund to the Workforce Development Partnership Fund at any time after one year following the effective date of this act. The amount transferred shall be repaid to the State disability benefits fund with interest at the rate earned by the investments made with moneys remaining in the State disability benefits fund. The repayment period shall not exceed three years and shall begin no later than January 1, 1994. For purposes of determining the balance in the State disability benefits fund as prescribed pursuant to subsubparagraph
(1)of subparagraph
(E)of paragraph
(3)of subsection
(e)of R.S.43:21-7, the amount of any outstanding advances to the Workforce Development Partnership Fund along with accrued interest shall be included therein.
L.1992,c.44,s.3.