§ 1110. Borrowing between Federal accounts

Footnotes

1. 1 So in original. Probably should be “to in”.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1992

   Unemployment Compensation Amendments of 1992

   Pub. L. 102–318 title V § 531(c) · 106 Stat. 290

   Enacted · 42 U.S.C. § 1110

   (Aug. 14, 1935, ch. 531, title IX, § 910, as added Pub. L. 102–318, title V, § 531(c), July 3, 1992, 106 Stat. 316.)

   Source evidence

   Code source credit
   (Aug. 14, 1935, ch. 531, title IX, § 910, as added Pub. L. 102–318, title V, § 531(c), July 3, 1992, 106 Stat. 316.)

   Enacted provision · exact public law section
   (c) Borrowing Between Federal Accounts.— Title IX of such Act is amended by adding at the end the following new section: “Sec. 910. “borrowing between federal accounts (a) In General.— Whenever the Secretary of the Treasury (after consultation with the Secretary of Labor) determines that— “(1) the amount in the employment security administration account, Federal unemployment account, or extended unemployment compensation account, is insufficient to meet the anticipated payments from the account, “(2) such insufficiency may cause such account to borrow from the general fund of the Treasury, and “(3) the amount in any other such account exceeds the amount necessary to meet the anticipated payments from such other account, the Secretary shall transfer to the account referred to in paragraph (1) from the account referred to paragraph (3) an amount equal to the insufficiency determined under paragraph (1) (or, if less, the excess determined under paragraph (3)). “(b) Treatment of Advance.— Any amount transferred under subsection (a)— “(1) shall be treated as a noninterestbearing repayable advance, and “(2) shall not be considered in computing the amount in any account for purposes of the application of sections 901(f)(2), 902(b), and 905(b). “(c) Repayment.— Whenever the Secretary of the Treasury (after consultation with the Secretary of Labor) determines that the amount in the account to which an advance is made under sub-section (a) exceeds the amount necessary to meet the anticipated payments from the account, the Secretary shall transfer from the account to the account from which the advance was made an amount equal to the lesser of the amount so advanced or such excess.”

1 of 1 references resolved to an enrolled provision