|
U.S. Code as of:
01/19/04
Section 1323. Repayable advances to Federal Unemployment Account
There are hereby authorized to be appropriated to the Federal
unemployment account, as repayable advances, such sums as may be
necessary to carry out the purposes of this subchapter. Amounts
appropriated as repayable advances shall be repaid by transfers
from the Federal unemployment account to the general fund of the
Treasury, at such times as the amount in the Federal unemployment
account is determined by the Secretary of the Treasury, in
consultation with the Secretary of Labor, to be adequate for such
purpose. Any amount transferred as a repayment under this section
shall be credited against, and shall operate to reduce, any balance
of advances repayable under this section. Whenever, after the
application of sections 1101(f)(3) and 1102(a) of this title with
respect to the excess in the employment security administration
account as of the close of any fiscal year, there remains any
portion of such excess, so much of such remainder as does not
exceed the balance of advances made pursuant to this section shall
be transferred to the general fund of the Treasury and shall be
credited against, and shall operate to reduce, such balance of
advances. 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.
|
|