(1) There is hereby created the federal advance interest repayment fund, to which shall be credited all assessments collected by the division on total wages pursuant to the provisions of section 8-77-103 (2).
All moneys accruing to the fund in any manner whatsoever shall be maintained in aseparate account by the state treasurer; except that all funds in the fund are hereby appropriated to the division for use in repayment of interest due and associated administrative costs pursuant to section 8-77-103.
After all known interest charges and associated administrative costs pursuant to section 8-77-103 have been paid, any remaining moneys in the fund may be transferred to the unemployment revenue fund. Interest required to be paid under section 8-77-103 shall not be paid, directly or indirectly, from amounts in the unemployment compensation fund.
Source: L. 82: Entire section added, p. 240, § 10, effective July 1. L. 85: (2) and (3) amended, p. 376, § 7, effective July 1.
Cross references: For the unemployment revenue fund, see § 8-77-106; for the unemployment compensation fund, see § 8-77-101.