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§ 841.2. Debt Service Fund

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 43 P.S. LaborEffective: June 12, 2012

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 43 P.S. Labor (Refs & Annos)
Chapter 14. Unemployment Compensation Law (Refs & Annos)
Article VI. Unemployment Compensation Fund and Administration Fund
Effective: June 12, 2012
43 P.S. § 841.2
§ 841.2. Debt Service Fund
Currentness
(a) There is hereby established a separate account in the State Treasury, to be known as the Debt Service Fund. All taxes collected under section 301.6 of this act1 shall be paid into the Debt Service Fund. The moneys in this fund shall be used in the following priority order and such funds received are hereby appropriated for all of the following purposes:
(1) For payment of bond obligations and bond administrative expenses; for replenishment of bond reserves; for maintenance of debt service reserves in an amount the department, with approval by the Office of the Budget, determines necessary to maintain an adequate debt service coverage ratio; and for early, optional, mandatory or other refundings, redemptions or purchases of outstanding bonds under Article XIV of this act.2
(2) For the payment of annual interest obligations assessed under Title XII of the Social Security Act.3
(3) For repayment of outstanding interest-bearing advances received under Title XII of the Social Security Act.
(4) For transfer to the Unemployment Compensation Fund pursuant to subsection (b), for payment of compensation to individuals.
(b) Any amount of moneys remaining in this fund at the end of a calendar year shall be transferred to the Unemployment Compensation Fund and credited to the Employers' Contribution Account as specified in section 6014 if the following requirements are met:
(1) the balance of interest-bearing advances under Title XII of the Social Security Act (58 Stat. 790, 42 U.S.C. § 1321 et seq.) is zero at the end of that year;
(2) no interest on advances shall be due in the following year; and
(3) there are no outstanding bond obligations and bond administration expenses under Article XIV of this act and no such obligations and expenses will be due in the following year.
(c) Pending application for the purposes authorized, moneys held or deposited by the State Treasurer in the Debt Service Fund may be invested or reinvested as are other funds in the custody of the State Treasurer in the manner provided by law. All earnings received from the investment or deposit of moneys shall be paid into the State Treasury to the credit of the Debt Service Fund.

Credits

1936, Second Ex.Sess., Dec. 5, P.L. (1937) 2897, art. VI, § 601.2, added 1983, July 21, P.L. 68, No. 30, § 24, imd. effective. Amended 1988, Oct. 14, P.L. 754, No. 107, § 1, imd. effective; 1989, July 1, P.L. 107, No. 22, § 1, eff. July 1, 1989; 2012, June 12, P.L. 577, No. 60, § 13, imd. effective.

Footnotes

1
43 P.S. § 781.6.
2
43 P.S. § 917.1 et seq.
3
42 U.S.C.A. § 1321 et seq.
4
43 P.S. § 841.
43 P.S. § 841.2, PA ST 43 P.S. § 841.2
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document