WVC 21 A- 8 A- 10
§21A-8A-10. Authority of the board of investments.
Upon application by the commissioner of the department of
employment security, the board of investments shall invest moneys,
securities, and other assets of the consolidated fund and the
consolidated pension fund established under the provisions of
section eight, article six, chapter twelve of this code, in the
form of interest-bearing loans to the department of employment
security to finance the repayment of funds advanced to the
department of employment security by the federal government under
the provisions of Section 1201 of the Social Security Act, 42
U.S.C.A. §1321. Such loan shall be made, if at the time of the
commitment to make the loan, the board of investments determines
that there exists a plan for the repayment of such loan which is
satisfactory to the board of investments and which can be carried
out by the department of employment security, that the loan is
needed to assist the department of employment security to repay
advances made from the federal unemployment account in the
unemployment trust fund in accordance with the provisions of Title
42 U.S.C.A. §1321. The board shall also determine that all of the
proceeds of a loan made under the provisions of this article will
be used to repay advances made to the department of employment
security from the federal unemployment account in the unemployment
trust fund in accordance with the provisions of Title 42 U.S.C.A.
§1321, which advances were made prior to the first day of July, one
thousand nine hundred eighty-seven. Any loss to the principal of
the consolidated fund or the consolidated pension fund that occurs
because of any loan authorized by this article shall be deducted only from the state government moneys in such funds.
Note: WV Code updated with legislation passed through the 2013 1st Special Session
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