§ 28-42-78 - Establishment of employment security tardy account fund – Sources.
SECTION 28-42-78
§ 28-42-78 Establishment of employmentsecurity tardy account fund – Sources. – (a) There is created as a restricted receipt account within the general fundthe employment security tardy account fund, to be administered by the directorwithout liability on the part of the state beyond the amounts paid into andearned by the fund. This fund shall consist of:
(i) All penalties received from employers and paid pursuantto §§ 28-42-62 – 28-42-66;
(ii) All other moneys paid into and received by the fund;
(iii) Property and securities acquired by and through the useof moneys belonging to the fund; and
(iv) Interest earned upon the moneys belonging to the fund.
(2) All moneys in the fund shall be mingled and undivided.
(b) All moneys received by the director for account of theemployment security tardy account fund shall, upon receipt, be deposited by thedirector in a clearance account in a bank in this state and shall be exemptfrom the provisions of § 35-4-27.