§ 1110. Borrowing between Federal accounts

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(a)In general Whenever the Secretary of the Treasury (after consultation with the Secretary of Labor) determines that—

(1)the amount in the employment security administration account, Federal unemployment account, or extended unemployment compensation account, is insufficient to meet the anticipated payments from the account,

(2)such insufficiency may cause such account to borrow from the general fund of the Treasury, and

(3)the amount in any other such account exceeds the amount necessary to meet the anticipated payments from such other account,

the Secretary shall transfer to the account referred to in paragraph

(1)from the account referred to 1 paragraph

(3)an amount equal to the insufficiency determined under paragraph

(1)(or, if less, the excess determined under paragraph (3)).

(b)Treatment of advance Any amount transferred under subsection (a)—

(1)shall be treated as a noninterest-bearing repayable advance, and

(2)shall not be considered in computing the amount in any account for purposes of the application of sections 1101(f)(2), 1102(b), and 1105(b) of this title.

(c)Repayment Whenever the Secretary of the Treasury (after consultation with the Secretary of Labor) determines that the amount in the account to which an advance is made under subsection

(a)exceeds the amount necessary to meet the anticipated payments from the account, the Secretary shall transfer from the account to the account from which the advance was made an amount equal to the lesser of the amount so advanced or such excess.

(Aug. 14, 1935, ch. 531, title IX, § 910, as added Pub. L. 102–318, title V, § 531(c), July 3, 1992, 106 Stat. 316.)

Connections5 cite this · traces to 1

Cited by 5 sections

U.S. Code

statute-compilations

statutes-at-large

Public Law 102–318
To extend the emergency unemployment compensation program, to revise the trigger provisions contained in the extended unemployment compensation program, and for other purposes

Traces to 1 document

U.S. Code

Employment security administration account
§ 1101

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1
Aug. 14, 1935, ch. 531
Pub. L. 102–318, title V, § 531(c)
106 Stat. 316
act Aug. 14, 1935, ch. 531, title IX, § 910
49 Stat. 644

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§ 1110

Borrowing between Federal accounts

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U.S.C.×2

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U.S.C.§ 1101

Cite1

ActAug. 14, 1935, ch. 531

Pub. L.Pub. L. 102–318, title V, § 531(c)

Stat.106 Stat. 316

Actact Aug. 14, 1935, ch. 531, title IX, § 910

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