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U.S. Code as of:
01/19/04
Section 1105. Extended Unemployment Compensation Account
(a) Establishment
There is hereby established in the Unemployment Trust Fund an
extended unemployment compensation account. For the purposes
provided for in section 1104(e) of this title, such account shall
be maintained as a separate book account.
(b) Transfers to account
(1) Except as provided in paragraph (3), the Secretary of the
Treasury shall transfer (as of the close of each month) from the
employment security administration account to the extended
unemployment compensation account established by subsection (a) of
this section, an amount (determined by such Secretary) equal to 20
percent of the amount by which -
(A) the transfers to the employment security administration
account pursuant to section 1101(b)(2) of this title during such
month, exceed
(B) the payments during such month from the employment security
administration account pursuant to section 1101(b)(3) and (d) of
this title.
If for any such month the payments referred to in subparagraph (B)
exceed the transfers referred to in subparagraph (A), proper
adjustments shall be made in the amounts subsequently transferred.
(2) Whenever the Secretary of the Treasury determines pursuant to
section 1101(f) of this title that there is an excess in the
employment security administration account as of the close of any
fiscal year beginning after June 30, 1972, there shall be
transferred (as of the beginning of the succeeding fiscal year) to
the extended unemployment compensation account the total amount of
such excess or so much thereof as is required to increase the
amount in the extended unemployment compensation account to
whichever of the following is the greater:
(A) $750,000,000, or
(B) the amount (determined by the Secretary of Labor and
certified by him to the Secretary of the Treasury) equal to 0.5
percent of the total wages subject (determined without any
limitation on amount) to contributions under all State
unemployment compensation laws for the calendar year ending
during the fiscal year for which the excess is determined.
(3) The Secretary of the Treasury shall make no transfer pursuant
to paragraph (1) as of the close of any month if he determines that
the amount in the extended unemployment compensation account is
equal to (or in excess of) the limitation provided in paragraph
(2).
(c) Transfers to State accounts
Amounts in the extended unemployment compensation account shall
be available for transfer to the accounts of the States in the
Unemployment Trust Fund as provided in section 204(e) of the
Federal-State Extended Unemployment Compensation Act of 1970.
(d) Advances to account; repayment
There are hereby authorized to be appropriated, without fiscal
year limitation, to the extended unemployment compensation account,
as repayable advances, such sums as may be necessary to carry out
the purposes of the Federal-State Extended Unemployment
Compensation Act of 1970. Amounts appropriated as repayable
advances shall be repaid by transfers from the extended
unemployment compensation account to the general fund of the
Treasury, at such times as the amount in the extended unemployment
compensation account is determined by the Secretary of the
Treasury, in consultation with the Secretary of Labor, to be
adequate for such purpose. Repayments under the preceding sentence
shall be made whenever the Secretary of the Treasury (after
consultation with the Secretary of Labor) determines that the
amount then in the account exceeds the amount necessary to meet the
anticipated payments from the account during the next 3 months. Any
amount transferred as a repayment under this subsection shall be
credited against, and shall operate to reduce, any balance of
advances repayable under this subsection. Amounts appropriated as
repayable advances for purposes of this subsection shall bear
interest at a rate equal to the average rate of interest, computed
as of the end of the calendar month next preceding the date of such
advance, borne by all interest bearing obligations of the United
States then forming part of the public debt; except that in cases
in which such average rate is not a multiple of one-eighth of 1
percent, the rate of interest shall be the multiple of one-eighth
of 1 percent next lower than such average rate.
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