Page:United States Statutes at Large Volume 75.djvu/55

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.
[75 Stat. 15]
[75 Stat. 15]
PUBLIC LAW 87-000—MMMM. DD, 1961

75 S T A T, ]

PUBLIC LAW 87-6-MAR. 24, 1961

15

to time to the Federal extended compensation account on the basis of estimates by the Secretary of the Treasury after consultation with the Secretary of Labor of the amounts required to make such payments and reimbursements. Amounts so transferred shall be repayable advances (without interest), except to the extent that such amounts are used to make the payments of compensation provided by sections 3 and 8 of the Temporary P^xtended Unemployment Compensation Act of 1961 to individuals by reason of the exhaustion of their rights to unemployment compensation under title X V. Such ^^^^^oj^iaei repayable advances shall be repaid by transfers, from the Federal 1371. extended compensation account to the general fund of the Treasury, at such times as the amount in the Federal extended compensation account is determined by the Secretary of the Treasury, in consultation with the Secretary of Labor, to be adequate for such purpose. "Transfers to Account "(b) The Secretary of the Treasury shall transfer (as of the close of each month in the calendar years 1963 and 1964), from the employment security administration account to the Federal extended compensation account established by subsection (a), an amount determined by him to be equal to 50 percent of the amount by which— "(1) transfers to the employment security administration account pursuant to section 901(b)(2) during such month, exceed "(2) payments during such month from the employment security administration account pursuant to section 901(b)(3) and (d). If for any such month the payments referred to in paragraph (2) exceed the transfers referred to in paragraph (1), proper adjustments shall be made in the amounts subsequently transferred. "Transfers to State Accounts " (c)(1) The Secretary of the Treasury shall transfer (as of December 31, 1963), from the Federal extended compensation account to the accounts of the States in the Unemployment Trust Fund, the balance in the Federal extended compensation account as of such date. Such balance shall be determined by deducting from the amount in the account on December 31, 1963, the amount of the outstanding advances made to such account pursuant to subsection (a). "(2) Each State's share of the balance to be transferred under this subsection— " (A) shall be determined by the Secretary of Labor and, certified by him to the Secretary of the Treasury before that date on the basis of reports furnished by the States to the Secretary of Labor before December 1, 1963, and " (B) shall bear the same ratio to the balance in such account as of December 31, 1963, as (i) the amount of wages subject to contributions under such State's unemployment compensation law during 1961 and 1962 which have been reported to the State before May 1, 1963, bears to (ii) the total of wages subject to contributions under all State unemployment compensation laws during 1961 and 1962 which have been reported to the States before May 1, 1963. "Termination of Account " (d) Except as provided by subsection (c), no transfer to or from the Federal extended compensation account shall be made after December 31, 1964."

^2 USC 1101.