{"data":{"id":"us-ky/krs-341.612","jurisdiction":"us-ky","citation":"KRS 341.612","heading":"Interest payment fund.","body":"(1) There is created within the State Treasury a special fund for unemployment\ninsurance known as the interest payment fund which shall be administered separate\nand apart from all public money or funds of the state.\n(2) The unemployment insurance interest paym ent fund shall be used exclusively for\nthe purposes of payment of interest on advances under Title XII of the Social\nSecurity Act received from the United States Department of Labor in support of the\nunemployment insurance programs of the Commonwealth and repayment of money,\nincluding any interest thereon, received from any source related to the payment of\ninterest on such advances. The secretary shall have full power, authority, and\njurisdiction over the fund, including all money, property, and securities belonging\nthereto, except where specified otherwise in KRS 341.295, and he shall perform any\nact necessary or convenient in the administration of the fund consistent with this\nsection.\n(3) Any money collected for the purpose of paying interest on advances under Title XII\nof the Social Security Act or repayment of money, including any interest thereon,\nreceived from any source related to the payment of interest on such advances shall\nbe invested at interest in banks or other interest -bearing obligations of t he United\nStates of America. Investments shall at all times be made so that all the assets of the\nunemployment insurance interest payment fund shall always be convertible into\ncash when needed for the payment of interest on advances under Title XII of the\nSocial Security Act or repayment of money, including any interest thereon, received\nfrom any source related to the payment of interest on advances. All interest income\nreceived under this section shall be credited to the interest payment fund. The State\nTreasurer shall dispose of securities or other property belonging to the\nunemployment insurance interest payment fund only under the direction of the\nsecretary and the secretary of the Finance and Administration Cabinet.\n(4) Any balance of money remaining in  the unemployment insurance interest payment\nfund after all interest due and owing on advances under Title XII of the Social\nSecurity Act and repayment of money, including any interest thereon, received from\nany source related to the payment of interest on  advances have been paid shall be\ncredited on a proportional basis to the reserve account of each active subject\ncontributing employer.","path":["KRS Chapter 341"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=39986","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:29Z","sha256":"4f1b883a04e97c50b4316def7a684fe973cb110137c044168c51c269b18be11d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-341.611","next":"us-ky/krs-341.613"},"notice":"GroundRules: Original legal text. Not legal advice."}