Enrolled Version - Final Version
Senate Bill 219 History
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Key: Green = existing Code. Red = new code to be enacted
ENROLLED
COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 219
(By Senators Kessler (Acting President) and Hall,
By Request of the Executive)
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[Passed March 12, 2011; in effect ninety days from passage.]
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AN ACT to amend and reenact §21A-8-1 and §21A-8-10 of the Code of
West Virginia, 1931, as amended; and to amend said code by
adding thereto a new section, designated §21A-8-16, all
relating to maintaining solvency of the Unemployment
Compensation Fund; providing a mechanism for the Governor to
borrow funds from the Revenue Center Construction Fund for a
limited period of time and deposit those funds into the
Unemployment Compensation Fund if the balance of the
Unemployment Compensation Fund drops below $20 million;
providing that no amount borrowed shall exceed $20 million;
and providing for repayment of such borrowed amounts.
Be it enacted by the Legislature of West Virginia:
That
§21A-8-1 and §21A-8-10 of the Code of West Virginia,
1931, as amended, be amended and reenacted; and to amend said code
by adding thereto a new section, designated §21A-8-16, all to read as follows:
ARTICLE 8. UNEMPLOYMENT COMPENSATION FUND.
§21A-8-1. Establishment.
There is hereby established as a special fund, separate and
apart from all public moneys or funds of the state, an Unemployment
Compensation Fund. The fund shall consist of:
(1) All payments collected under this chapter.
(2) Interest earned upon money in the fund.
(3) Property or securities acquired through the use of the
fund.
(4) Earnings of such property or securities.
(5) Amounts transferred from the Employment Security Special
Administration Fund.
(6) Any moneys loaned to the fund pursuant to section sixteen
of this article.
(7) Any moneys received from the federal unemployment account
in the Unemployment Trust Fund in accordance with Title XII of the
Social Security Act, as amended.
All money in the funds shall be mingled and undivided.
Any interest required to be paid on advances under Title XII
of the Social Security Act, as amended, shall be paid by the date
on which such interest is due. No interest shall be paid directly
or indirectly from amounts in the Unemployment Compensation Trust
Fund.
§21A-8-10. Withdrawals.
Except as provided in section thirteen of this article, money shall be requisitioned from this state's account in the
unemployment trust fund solely for the payment of benefits and
repayment of any loans outstanding from the Revenue Center
Construction Fund as provided in section sixteen of this article.
The commissioner may requisition from the unemployment trust fund
such amounts, not exceeding the amount of the account, as the
commissioner determines to be necessary for the payment of benefits
for a reasonable future period or to repay a loan outstanding from
the Revenue Center Construction Fund as provided in section sixteen
of this article.
Upon receipt of the money the commissioner shall deposit it in
the benefit account.
§21A-8-16. Loans to Unemployment Compensation Fund from Revenue
Center Construction Fund.
(a) Notwithstanding any provision of this code to the contrary
and subject to the provisions of this section, the Governor is
hereby authorized, by executive order, after first notifying the
presiding officers of both houses of the Legislature in writing, to
borrow funds from the Revenue Center Construction Fund created by
chapter nineteen, acts of the Legislature, first extraordinary
session, two thousand six, for deposit into the Unemployment
Compensation Fund, created in section one of this article, to be
expended in accordance with this code. The amount of funds
borrowed and outstanding under this section may not exceed $20
million at any one time, or the amount the Governor determines is
necessary to adequately sustain the balance in the Unemployment Compensation Fund at a minimum of $20 million, whichever is less.
(b) Notwithstanding the provisions of subsection (a) of this
section, the Governor may not borrow funds from the Revenue Center
Construction Fund unless the Executive Director of Workforce West
Virginia has projected that the balance in the state's Unemployment
Compensation Fund will be less than $20 million at any time during
the next thirty days.
(c) Any funds borrowed pursuant to this subsection shall be
repaid from funds on deposit in the Unemployment Trust Fund in
excess of $20 million or from other funds legally available for
such purpose, without interest, and redeposited to the credit of
the Revenue Center Construction Fund within one-hundred-eighty days
of their withdrawal.
(d) No amounts may be borrowed pursuant to the provisions of
this section after September 1, 2011.
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