Page:United States Statutes at Large Volume 74.djvu/1014

 974

PUBLIC LAW 86-778-SEPT. 13, 1960

[74 S T A T.

the net balance in such account (as of the beginning of such succeeding fiscal year) above $250,000,000. "(4) For the purposes of this section, the net balance in the employment security administration account as of any time is the amount in such account as of such time reduced by the sum of— " (A) the amounts then subject to transfer pursuant to subsection (d), and " (B) the balance of advances (plus interest accrued thereon) then repayable to the revolving fund established by subsection (e). The net balance in the employment security administration account as of the beginning of any fiscal year shall be determined after the disposition of the excess in such account as of the close of the preceding fiscal year. "TRANSFERS BETWEEN FEDERAL UNEMPLOYMENT ACCOUNT AND EMPLOYMENT SECURITY ADMINISTRATION ACCOUNT

"Transfers to Federal Unemployment Account Ante, p. 973.

"SEC. 902. (a) Whenever the Secretary of the Treasury deteririines pursuant to section 901(f) that there is an excess in the employment security administration account as of the close of any fiscal year, there shall be transferred (as of the beginning of the succeeding fiscal year) to the Federal unemployment account the total amount of such excess or so much thereof as is required to increase the amount in the Federal unemployment account to whichever of the following is the greater: "(1) $550,000,000, or "(2) The amount (determined by the Secretary of Labor and certified by him to the Secretary of the Treasury) equal to fourtenths of 1 per centum of the total wages subject to contributions under all State unemployment compensation laws for the calendar year ending during the fiscal year for which the excess is determined. "Transfers to Employment Security Administration Account "(b) The amount, if any, by which the amount in the Federal unemployment account as of the close of any fiscal year exceeds the greater of the amounts specified in paragraphs (1) and (2) of subsection (a) shall be transferred to the employment security administration account as of the close of such fiscal year. " A M O U N T S TRANSFERRED TO STATE ACCOUNTS

"In General Post, p. 979.

"SEC. 903. (a)(1) Except as provided in subsection (b), whenever, after the application of section 1203 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, the remainder of such excess shall be transferred (as of the beginning of the succeeding fiscal year) to the accounts of the States in the Unemployment Trust Fund. "(2) Each State's share of the funds to be transferred under this subsection as of any July 1— " (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 June 1, and

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