SEC. 71-5-455. Withdrawals.
Monies shall be requisitioned from this state's account in the unemployment trust fund solely for the payment of benefits and in accordance with regulations prescribed by the commission, except that monies credited to this state's account pursuant to Section 903 of the Social Security Act, as amended, shall be used exclusively as provided in Section 71-5-457. No monies in the unemployment compensation fund shall be used to pay interest on any funds that might be borrowed for the purposes of this chapter, but any such interest that might be due shall be paid from other sources. The commission shall from time to time requisition from the unemployment trust fund such amounts, not exceeding the amount standing to this state's account therein, as it deems necessary for the payment of benefits for a reasonable future period. Upon receipt thereof the treasurer shall deposit such monies in the benefit account and shall issue his warrants thereon as hereinafter provided for the purpose of paying benefits. The commission shall requisition from time to time from the treasurer such lump sum amount as it deems necessary for the payment of benefits for a reasonable future period, and the treasurer shall thereupon issue to the commission his warrant on the benefit account for such lump sum as may be requisitioned. Such sums shall be immediately deposited by the commission in some bank within this state in an account to be known as the "benefit payment account," which shall be under the control of the commission and on which said benefit payment account the commission or its duly authorized representative is authorized to draw and issue its checks in payment of benefits to individuals entitled thereto under this chapter. Expenditures of such monies in the benefit account and benefit payment account and refunds from the clearing account shall not be subject to any provisions of law requiring specific appropriations or other formal release by state officers of money in their custody. All warrants issued by the treasurer shall bear the signature of the treasurer and the countersignature of a member of the commission or the commission's duly authorized agent for that purpose.
The commission shall require of such bank within this state as it may select as the depository of the "benefit payment account" security in a sum ten percent (10%) greater than the amounts on deposit in said account at any one (1) time, such security to consist of such securities or surety bond as are required by law of depositories of state funds; and the commission shall take such action as it may deem necessary to safeguard the custody of such security.
SOURCES: Codes, 1942, Sec. 7396; Laws, 1940, ch. 295; 1958, ch. 536, Sec. 1(c); 1964, ch. 448, Sec. 1(c); 1984, ch. 301, Sec. 3; 1994, ch. 303, Sec. 3, eff from and after passage (approved February 28, 1994)