
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC1323]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                       CHAPTER 7--SOCIAL SECURITY
 
          SUBCHAPTER XII--ADVANCES TO STATE UNEMPLOYMENT FUNDS
 
Sec. 1323. Repayable advances to Federal Unemployment Account

    There are hereby authorized to be appropriated to the Federal 
unemployment account, as repayable advances, such sums as may be 
necessary to carry out the purposes of this subchapter. Amounts 
appropriated as repayable advances shall be repaid by transfers from the 
Federal unemployment account to the general fund of the Treasury, at 
such times as the amount in the Federal unemployment account is 
determined by the Secretary of the Treasury, in consultation with the 
Secretary of Labor, to be adequate for such purpose. Any amount 
transferred as a repayment under this section shall be credited against, 
and shall operate to reduce, any balance of advances repayable under 
this section. Whenever, after the application of sections 1101(f)(3) and 
1102(a) of this title with respect to the excess in the employment 
security administration account as of the close of any fiscal year, 
there remains any portion of such excess, so much of such remainder as 
does not exceed the balance of advances made pursuant to this section 
shall be transferred to the general fund of the Treasury and shall be 
credited against, and shall operate to reduce, such balance of advances. 
Amounts appropriated as repayable advances for purposes of this 
subsection shall bear interest at a rate equal to the average rate of 
interest, computed as of the end of the calendar month next preceding 
the date of such advance, borne by all interest bearing obligations of 
the United States then forming part of the public debt; except that in 
cases in which such average rate is not a multiple of one-eighth of 1 
percent, the rate of interest shall be the multiple of one-eighth of 1 
percent next lower than such average rate.

(Aug. 14, 1935, ch. 531, title XII, Sec. 1203, as added Aug. 5, 1954, 
ch. 657, Sec. 3, 68 Stat. 672; amended Pub. L. 86-778, title V, 
Sec. 522(a), Sept. 13, 1960, 74 Stat. 979; Pub. L. 91-373, title III, 
Sec. 304(c), Aug. 10, 1970, 84 Stat. 716; Pub. L. 98-135, title II, 
Sec. 205(a), Oct. 24, 1983, 97 Stat. 861; Pub. L. 100-203, title IX, 
Sec. 9155(b), Dec. 22, 1987, 101 Stat. 1330-327.)


                            Prior Provisions

    Provisions similar to those comprising the first sentence of this 
section were contained in section 1322(c), act Aug. 14, 1935, ch. 531, 
title XII, Sec. 1202(c), as added Aug. 5, 1954, ch. 657, Sec. 3, 68 
Stat. 672, prior to amendment by Pub. L. 86-778.


                               Amendments

    1987--Pub. L. 100-203 struck out ``(without interest)'' after 
``account, as repayable advances'' and ``, without interest,'' after 
``shall be repaid'', and inserted sentence at end relating to amounts 
appropriated as repayable advances for purposes of this subsection.
    1983--Pub. L. 98-135 inserted provision requiring that amounts 
appropriated as repayable advances be repaid, without interest, by 
transfers from the Federal unemployment account to the general fund of 
the Treasury, at such times as the amount in the Federal unemployment 
account is determined by the Secretary of the Treasury, in consultation 
with the Secretary of Labor, to be adequate for such purpose, and that 
any amount transferred as a repayment under this section be credited 
against, and operate to reduce, any balance of advances repayable under 
this section.
    1970--Pub. L. 91-373 inserted reference to section 1102(a) of this 
title.
    1960--Pub. L. 86-778 amended section generally, substituting 
provisions relating to repayable advances to the Federal unemployment 
account for former provision defining ``Governor'' and now incorporated 
in section 1324 of this title.


                    Effective Date of 1987 Amendment

    Amendment by Pub. L. 100-203 applicable to advances made on or after 
Dec. 22, 1987, see section 9155(d) of Pub. L. 100-203, set out as a note 
under section 1103 of this title.


 Retransfer of Amounts Transferred From Federal Unemployment Account to 
   Employment Security Administration Account as of September 30, 1983

    Section 205(b) of Pub. L. 98-135 provided that: ``Any amounts 
transferred from the Federal unemployment account to the employment 
security administration account as of September 30, 1983, shall be 
transferred back to the Federal unemployment account.''

                  Section Referred to in Other Sections

    This section is referred to in sections 1103, 1104 of this title; 
title 2 section 906.
