Alabama Code 25-4-56. Payment of interest on moneys advanced by federal government – Creation of Special Interest Payment Fund; deposits; administration; disposition
Terms Used In Alabama Code 25-4-56
- Fund: as used in this chapter , means the Unemployment Compensation Fund established by this chapter, to which all contributions and payments in lieu of contributions and from which all benefits required under this chapter shall be paid. See Alabama Code 25-4-12
- Secretary: as used in this chapter , means the Secretary of Labor or his authorized representatives; except, that during any interim in which there is no duly appointed and qualified Secretary of Labor, the same shall mean the Director of Unemployment Compensation, provided for in Section 25-2-3. See Alabama Code 25-4-6
There is hereby created a special fund, to be known as the “Special Interest Payment Fund,” into which shall be deposited all moneys collected under the provisions of Section 25-4-55. All moneys in the Special Interest Payment Fund shall be deposited, administered and disbursed in the same manner and under the same conditions and requirements as is provided by law in Section 25-4-31.
Moneys in this fund shall be used by the secretary for the payment of interest on moneys advanced by the federal government, shall be continuously available to the secretary for expenditures in accordance with the provisions of Sections 25-4-55 through 25-4-58 and appropriate federal laws and shall not lapse at any time. Any interest earned on moneys in this special fund shall accrue to the special fund.