Sec. 204. financing provisions

362 words·~2 min read·/statute-compilations/comps-2962/sec-204

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## Sec. 204 financing provisions ###

(a)####

(1)Funds in the extended unemployment compensation account (as established by section 905 of the Social Security Act) of the Unemployment Trust Fund shall be used for the making of payments to States having agreements entered into under this title. ####

(2)The Secretary shall from time to time certify to the Secretary of the Treasury for payment to each State the sums payable to such State under this title. The Secretary of the Treasury, prior to audit or settlement by the General Accounting Office, shall make payments to the State in accordance with such certification, by transfers from the extended unemployment compensation account (as established by section 905 of the Social Security Act) to the account of such State in the Unemployment Trust Fund. ###

(b)There are hereby authorized to be appropriated, without fiscal year limitation, to the extended unemployment compensation account, as repayable advances (without interest), such sums as may be necessary to carry out the purposes of this title. Amounts appropriated as repayable advances and paid to the States under section 203 shall be repaid, without interest, as provided in section 905(d) of the Social Security Act. ###

(c)Section 903(b) of the Social Security Act is amended by adding at the end thereof the following new paragraph: > > #### “(3) > > The amount which, but for this paragraph, would be transferred to the account of a State under subsection

(a)or paragraph

(1)of this subsection shall (after applying paragraph

(2)of this subsection) be reduced (but not below zero) by the balance of that portion of the advances made under section 204(b) of the Emergency Unemployment Compensation Act of 1971 which was used for payments to such State under section 203 of such Act. An amount equal to the sum by which such amount is reduced shall be transferred to the general fund of the Treasury. Any amount transferred as a repayment under this paragraph shall be credited against, and shall operate to reduce, any balance repayable under this paragraph by the State to which (but for this paragraph) such amount would have been payable.” >