§ 1365.
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/vt/title-21/chapter-17/1365A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1365. Contingent Fund
(a)There is created a special fund to be known as the Contingent Fund. All interest, fines, and penalties collected under the provisions of this chapter, together with any voluntary contributions tendered as a contribution to the Contingent Fund, shall be paid into the Contingent Fund. The monies shall not be expended or available for expenditures in any manner that would permit their substitution for, or a corresponding reduction in, federal funds that would in the absence of the monies be available to finance expenditures for the administration of the unemployment compensation law.
(b)Nothing in this chapter shall prevent the monies from being used as a revolving fund to cover expenditures, necessary and proper under the law for which federal funds have been duly requested but not yet received, subject to the charging of the expenditures against the funds when received.
(c)The monies in the Contingent Fund shall be used by the Commissioner for the payment of costs of administration that are found not to have been properly and validly chargeable against federal grants, or other funds, received for or in the Unemployment Compensation Administration Fund. No expenditure of the Contingent Fund shall be made unless and until the Commissioner finds that no other funds are available or can properly be used to finance the expenditures.
(d)The State Treasurer shall co-sign all expenditures from the Contingent Fund authorized by the Commissioner.
(e)The monies in the Contingent Fund are available to replace, within a reasonable time, any monies received by this State pursuant to 42 U.S.C. § 502 that because of any action or contingency, have been lost or have been expended for purposes other than, or in amounts in excess of, those necessary for the proper administration of the unemployment compensation law.
(f)The monies in the Contingent Fund shall be continuously available to the Commissioner for expenditure in accordance with the provisions of this section and shall not lapse at any time or be transferred to any other fund except as provided pursuant to this section.
(g)On December 31 of each year, all monies in excess of $10,000.00 in the Contingent Fund shall be transferred to the Unemployment Compensation Trust Fund. On or before March 31 of each year, an audit of the Contingent Fund shall be completed and a report of that audit shall be made public.
(h)In the event that a refund of interest, a fine, or a penalty is found necessary, and the interest, fine, or penalty has been deposited in the Contingent Fund, the refund shall be made from the Contingent Fund. (Amended 1959, No. 329 (Adj. Sess.), § 22, eff. March 1, 1961; 1961, No. 210, § 15, eff. July 11, 1961; 1983, No. 16, § 8, eff. April 4, 1983; 1985, No. 121 (Adj. Sess.), § 2, eff. April 16, 1986; 2023, No. 85 (Adj. Sess.), § 208, eff. July 1, 2024; 2023, No. 184 (Adj. Sess.), § 9, eff. July 1, 2024.)