§ 147-86.1. Pool account for local government unemployment compensation.
§147‑86.1. Pool account for local government unemployment compensation.
(a) The State Treasureris authorized to establish a pool account, in accordance with rules andregulations of the Employment Security Commission, in cooperation with any oneor more units of local government, for the purpose of reimbursing theEmployment Security Commission for unemployment benefits paid by the Commissionand chargeable to each local unit of government participating in the poolaccount. In the pool account established pursuant to this section, the fundscontributed by a unit of local government shall remain the funds of theparticular unit, and interest or other investment income earned by the poolaccount shall be prorated and credited to the various contributing local unitson the basis of the amounts thereof contributed, figured according to anaverage periodic balance or some other sound accounting principle.
(b) The State Treasurershall pay to the Employment Security Commission, within 25 days from receipt ofa list thereof, all unemployment benefits charged by the Commission to eachunit of local government participating in the pool account from the funds inthe pool account belonging to each such unit, to the extent that said funds aresufficient to do so.
(c) Notwithstanding theparticipation by a unit of local government in the pool account authorized bythis section, such unit shall remain liable to the Employment SecurityCommission for any benefits duly charged by the Commission to the unit whichare not paid by the State Treasurer from funds in the pool account belonging tothe unit. Notwithstanding its participation in the pool account, each unit oflocal government shall continue to maintain an individual account with theEmployment Security Commission.
(d) The Director of theBudget shall be authorized to transfer from the interest earned on the poolaccount, to the State Treasurer's departmental budget, such funds as may benecessary to defray the Treasurer's cost of administering the pool account. (1977,c. 1124; 1983, c. 717, s. 89.)