72-1346B. UNEMPLOYMENT BENEFIT BONDS. (1) The Idaho housing and finance association, upon the request from and agreement with the director, may contract indebtedness and issue or cause to be issued unemployment benefit bonds or notes evidencing such indebtedness in conformity with chapter 62, title 67, Idaho Code, for the benefit of the department when the director determines that the issuance of bonds for the repayment of federal advances under title XII of the social security act, 42 U.S.C. section 1321 et seq., will result in a savings to the state and to the state’s employers.
(2) Until unemployment benefit bonds and notes as authorized in this section and chapter 62, title 67, Idaho Code, have been paid in full, the following provisions shall apply:
(a) In addition to the requirements of section 72-1347A, Idaho Code, within the employment security reserve fund there is created a bond principal payment account and a bond interest payment account. Fifty million dollars ($50,000,000) is hereby appropriated to the bond principal payment account and twenty million dollars ($20,000,000) is hereby appropriated to the bond interest payment account. Moneys in the bond principal payment account shall be used solely for the payment of bond and note principal and moneys in the bond interest payment account shall be used solely for the payment of bond and note interest and other amounts required for the unemployment benefit bonds or notes issued by the Idaho housing and finance association in accordance with this section and chapter 62, title 67, Idaho Code.
(b) Moneys in the bond principal payment account and the bond interest payment account are continuously appropriated in such amounts and at such times as, from time to time, shall be certified by the Idaho housing and finance association to the director, the state treasurer and the state controller as necessary for the payment of principal, interest and other amounts required for unemployment benefit bonds or notes issued by the Idaho housing and finance association in accordance with this section and chapter 62, title 67, Idaho Code, which amounts shall be paid over as directed by the association.
(c) Moneys paid out of the bond principal payment account for principal payments on unemployment benefit bonds or notes shall be repaid from the benefit account in the employment security fund, section 72-1346(2), Idaho Code, out of revenue the department derives from employer contributions payable under sections 72-1349 and 72-1350, Idaho Code.
(d) Moneys paid out of the benefit account to the bond principal payment account as authorized in this section shall be made as soon as possible and in such amounts as deemed necessary by the director to provide funds for the appropriations contained herein to make subsequent principal payments on unemployment benefit bonds or notes when due.
(e) At any time the balance in the benefit account reaches zero (0), the director shall immediately requisition funds from the state’s account in the federal unemployment trust fund, and if funds therein are not then sufficient to pay unemployment insurance benefits, the director shall immediately obtain advances from the federal unemployment account in the unemployment trust fund as provided for in section 72-1346A, Idaho Code.
History:
[72-1346B, added 2011, ch. 111, sec. 4, p. 301.]
Structure Idaho Code
Title 72 - WORKER'S COMPENSATION AND RELATED LAWS -- INDUSTRIAL COMMISSION
Chapter 13 - EMPLOYMENT SECURITY LAW
Section 72-1301 - SHORT TITLE.
Section 72-1302 - DECLARATION OF STATE PUBLIC POLICY.
Section 72-1303 - DEFINITIONS.
Section 72-1304 - AGRICULTURAL LABOR.
Section 72-1305 - ANNUAL PAYROLL.
Section 72-1306 - BASE PERIOD.
Section 72-1308 - BENEFIT YEAR.
Section 72-1310 - BONUS PAYMENT.
Section 72-1311 - CALENDAR QUARTER.
Section 72-1312 - COMPENSABLE WEEK.
Section 72-1312A - CORPORATE OFFICER — EMPLOYMENT.
Section 72-1313 - COMPUTATION DATE.
Section 72-1314 - CONTRIBUTIONS.
Section 72-1315 - COVERED EMPLOYER.
Section 72-1315A - COST REIMBURSEMENT EMPLOYER.
Section 72-1316 - COVERED EMPLOYMENT.
Section 72-1316A - EXEMPT EMPLOYMENT.
Section 72-1317 - CUT-OFF DATE.
Section 72-1318 - DIRECTOR — DEPARTMENT.
Section 72-1318B - DETERMINATION, REVISED DETERMINATION, REDETERMINATION OR SPECIAL REDETERMINATION.
Section 72-1319 - ELIGIBLE EMPLOYER.
Section 72-1319A - DEFICIT EMPLOYER.
Section 72-1319B - TAXABLE WAGE RATE.
Section 72-1320 - CREW LEADER.
Section 72-1322 - EXPERIENCE RATING.
Section 72-1322B - EDUCATIONAL INSTITUTION.
Section 72-1322C - GOVERNMENTAL ENTITY.
Section 72-1322D - NONPROFIT ORGANIZATION.
Section 72-1323 - INTERESTED PARTIES.
Section 72-1327A - VALID CLAIM.
Section 72-1329 - WAITING WEEK.
Section 72-1331 - ADMINISTRATION.
Section 72-1332 - AUTHORITY AND DUTIES OF THE COMMISSION.
Section 72-1333 - DEPARTMENT OF LABOR — AUTHORITY AND DUTIES OF THE DIRECTOR.
Section 72-1334 - PUBLICATIONS.
Section 72-1337 - RECORDS AND REPORTS.
Section 72-1338 - OATHS AND WITNESSES.
Section 72-1339 - ENFORCEMENT OF SUBPOENAS.
Section 72-1340 - PROTECTION AGAINST SELF-INCRIMINATION.
Section 72-1341 - FEDERAL-STATE COOPERATION.
Section 72-1342 - DISCLOSURE OF INFORMATION.
Section 72-1343 - PRESERVATION AND DESTRUCTION OF RECORDS.
Section 72-1344 - RECIPROCAL ARRANGEMENTS AND COOPERATION.
Section 72-1345 - STATE EMPLOYMENT SERVICE.
Section 72-1346 - EMPLOYMENT SECURITY FUND.
Section 72-1346B - UNEMPLOYMENT BENEFIT BONDS.
Section 72-1347 - EMPLOYMENT SECURITY ADMINISTRATION FUND.
Section 72-1347A - EMPLOYMENT SECURITY RESERVE FUND — SPECIAL ADMINISTRATION FUND.
Section 72-1348 - STATE EMPLOYMENT SECURITY ADMINISTRATIVE AND REIMBURSEMENT FUND.
Section 72-1349 - PAYMENT OF CONTRIBUTIONS — LIMITATION OF ACTIONS.
Section 72-1349B - FINANCING OF BENEFITS PAYMENTS BY PROFESSIONAL EMPLOYERS AND THEIR CLIENTS.
Section 72-1349C - TREATMENT OF INDIAN TRIBES.
Section 72-1350 - TAXABLE WAGE BASE AND TAXABLE WAGE RATES.
Section 72-1351 - EXPERIENCE RATING AND VOLUNTARY TRANSFERS OF EXPERIENCE RATING ACCOUNTS.
Section 72-1351B - FEDERAL CONFORMITY PROVISION PROHIBITING RELIEF FROM LIABILITY.
Section 72-1352 - PERIOD, TERMINATION, AND ELECTION OF EMPLOYER COVERAGE.
Section 72-1352A - CORPORATE OFFICERS — EXEMPTION FROM COVERAGE — NOTIFICATION — REINSTATEMENT.
Section 72-1353 - ADMINISTRATIVE DETERMINATIONS OF COVERAGE.
Section 72-1354 - PENALTY ON UNPAID AMOUNTS.
Section 72-1355 - COLLECTION BY SUIT.
Section 72-1355A - CONTRACTORS’ AND PRINCIPALS’ LIABILITY FOR CONTRIBUTIONS.
Section 72-1357 - ADJUSTMENTS AND REFUNDS.
Section 72-1358 - DETERMINATION OF AMOUNTS DUE UPON FAILURE TO REPORT.
Section 72-1359 - JEOPARDY ASSESSMENTS.
Section 72-1360A - COLLECTION OF LIEN AMOUNTS.
Section 72-1361 - APPEALS TO THE DEPARTMENT AND TO THE COMMISSION.
Section 72-1362 - LIABILITY OF SUCCESSOR.
Section 72-1364 - UNCOLLECTIBLE ACCOUNTS.
Section 72-1365 - PAYMENT OF BENEFITS.
Section 72-1366 - PERSONAL ELIGIBILITY CONDITIONS.
Section 72-1367 - BENEFIT FORMULA.
Section 72-1367A - EXTENDED BENEFITS.
Section 72-1368 - CLAIMS FOR BENEFITS — APPELLATE PROCEDURE — LIMITATION OF ACTIONS.
Section 72-1369 - OVERPAYMENTS, CIVIL PENALTIES AND INTEREST — COLLECTION AND WAIVER.
Section 72-1370 - DISTRIBUTION OF BENEFIT PAYMENTS UPON DEATH.
Section 72-1372 - CIVIL PENALTIES.
Section 72-1373 - VIOLATION OF THIS LAW OR RULES THEREUNDER.
Section 72-1374 - UNAUTHORIZED DISCLOSURE OF INFORMATION.
Section 72-1375 - PROTECTION OF RIGHTS AND BENEFITS.
Section 72-1376 - REPRESENTATION IN COURT.
Section 72-1377 - SAVING CLAUSE.
Section 72-1378 - SEPARABILITY OF PROVISIONS.
Section 72-1379 - REFERENCES IN CHAPTER.
Section 72-1381 - DIRECTOR TO COOPERATE WITH GOVERNOR IN MEDIATION OF DISPUTES.
Section 72-1382 - DUTIES OF DIRECTOR — DETERMINATION OF REPRESENTATIVES.
Section 72-1385 - PROVISIONS NOT TO APPLY TO AGRICULTURAL OR DOMESTIC LABOR.