Page:United States Statutes at Large Volume 84 Part 1.djvu/775

 84 STAT. ]

PUBLIC LAW 91-373-AUG. 10, 1970

the case of any month before April 1972, to one-fifth, and in the case of any month after March 1972, to one-tenth, of the amount by which— " (A) transfers to the employment security administration account pursuant to section 901(b)(2) during such month, exceed " (B) 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 subparagraph (B) exceed the transfers referred to in subparagraph (A), proper adjustments shall be made in the amounts subsequently transferred. " (2) Whenever the Secretary of the Treasury determines pursuant to section 901(f) that there is an excess in the employment security administration account as of the close of any fiscal year beginning after June 30, 1972, there shall be transferred (as of the beginning of the succeeding fiscal year) to the extended unemployment compensation account the total amount of such excess or so much thereof as is required to increase the amount in the extended unemployment compensation account to whichever of the following is the greater: " (A) $750,000,000, or " (B) the amount (determined by the Secretary of Labor and certified by him to the Secretary of the Treasury) equal to oneeighth of 1 percent of the total wages subject (determined without any limitation on amount) to contributions under all State unemployment compensation laws for the calendar year ending during the fiscal year for which the excess is determined. " (3) The Secretary of the Treasury shall make no transfer pursuant to paragraph (1) as of the close of any month if he determmes that the amount in the extended unemployment compensation account is equal to (or in excess of) the limitation provided in paragraph (2). ((. TRANSFERS

717

^^ ^t|*,- ^^^-^

Ante, p. 715.

TO STATE ACCOUNTS

"(c) Amounts in the extended unemployment compensation account shall be available for transfer to the accounts of the States in the Unemplmrment Trust Fund as provided in section 204(e) of the Federal-State Extended Unemployment Compensation Act of 1970. ^"'«' P- ^^i"ADVANCES TO EXTENDED UNEMPLOYMENT COMPENSATION ACCOUNT AND REPAYMENT

" (d) There are hereby authorized to be appropriated, without fiscal year limitation, to the extended unemployment compensation account, as repayable advances (without interest), such sums as may be necessary to carry out the purposes of the Federal-State Extended Unemployment Compensation Act of 1970. Amounts appropriated as repayable advances shall be repaid, without interest, by transfers from the extended unemployment compensation account to the general fund of the Treasury, at such times as the amount in the extended unemployment compensation account is determined by the Secretary of the Treasury, m consultation with the Secretary of Labor, to be adequate for such purpose. Any amount transferred as a repayment under this subsection shall be credited against, and shall operate to reduce, any balance of advances repayable under this subsection." (b) Section 903(a)(1) of the Social Security Act is amended to read as follows: " (1) If as of the close of any fiscal year after the fiscal year ending June 30, 1972, the amount in the extended unemployment compensation account has reached the limit provided in section 905 (b)(2) and the amount in the Federal unemployment account has reached the limit provided in section 902(a) and all advances pursuant to section 905(d) and section 1203 have been repaid, and there remains

Appropriation.

^"'e, p. 708.

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supra. H use?323

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