This state recognizes its obligation to replace, and hereby pledges the faith of this state that funds will be provided in the future, and applied to the replacement of any monies received after July 1, 1941, from the Secretary of Labor under Title III of the Social Security Act,¹ any unencumbered balances in the Employment Security Administration Fund as of that date, any monies thereafter granted to this state pursuant to the provisions of the Wagner-Peyser Act,² and any monies made available by the state or its political subdivisions and matched by such monies granted to this state pursuant to the provisions of the Wagner-Peyser Act, which the Secretary of Labor finds have, because of any action or contingency, been lost or have been expended for purposes other than, or in amounts in excess of, those found necessary by the Secretary of Labor for the proper administration of this act. Such monies shall be promptly replaced by monies appropriated for such purpose from the general funds of this state to the Employment Security Administration Fund for expenditures as provided in this part. The Commission shall promptly report to the Governor, and the Governor to the Legislature, the amount required for such replacement. This section shall not be construed to relieve this state of its obligation with respect to funds received prior to July 1, 1941, pursuant to the provisions of Title III of the Social Security Act.