§ 28-42-75 - Establishment of employment security interest fund – Sources. - Rhode Island Statutes

SECTION 28-42-75

   § 28-42-75  Establishment of employmentsecurity interest fund – Sources. – (a) There is created as a restricted receipt account within the general fundthe employment security interest fund, to be administered by the directorwithout liability on the part of the state beyond the amounts paid into andearned by the fund. This fund shall consist of:

   (i) All interest received from employers and paid pursuant to§ 28-43-15;

   (ii) All other moneys paid into and received by the fund;

   (iii) Property and securities acquired by and through the useof moneys belonging to the fund; and

   (iv) Interest earned upon the moneys belonging to the fund.

   (2) All moneys in the fund shall be mingled and undivided.

   (b) All moneys received by the director for the employmentsecurity interest fund shall, upon receipt, be deposited by the director in aclearance account in a bank in this state and shall be exempt from theprovisions of § 35-4-27.