New Hampshire § 282-A-138 - Section 282-A:138 Special Fund.

§ 282-A-138. Section 282-A:138 Special Fund.

I. There is hereby created in the state treasury a special fund to be known as the unemployment compensation and employment service administration fund. All moneys which are deposited or paid into this fund shall be continuously available to the commissioner of the department of employment security for expenditure in accordance with the provisions of this chapter and shall not lapse at any time nor be transferred to any other fund. II. All moneys in this fund which are received from the federal government or any agency thereof or which are appropriated by this state for the purposes described in RSA 282-A:107 through 282-A:135 shall be expended solely for the purposes and in the amounts found necessary by the United States Department of Labor for the proper and efficient administration of this chapter. The fund shall consist of all moneys appropriated by this state; all moneys received from the United States of America, or any agency thereof; and all moneys received from any other source for such purpose. The fund shall also include any moneys received from any agency of the United States or any other state as compensation for services or facilities supplied to such agency, any amounts received pursuant to any surety bond or insurance policy or from other sources for losses sustained by the unemployment compensation and employment service administration fund or by reason of damage to equipment or supplies purchased from moneys in such fund, and any proceeds realized from the sale or disposition of any such equipment or supplies which may no longer be necessary for the proper administration of this chapter. Such moneys shall be secured by the depositary by collateral in the full amount of the funds on deposit. Such security shall consist of (a) United States government obligations, direct or guaranteed and (b) direct obligations of the state of New Hampshire. Such collateral security shall be pledged at not to exceed the face value of the obligation and shall be kept separate and distinct from any collateral security pledged to secure other funds of the state. III. The state treasurer shall be liable on his official bond for the faithful performance of his duties in connection with the unemployment compensation and employment service administration fund provided for under this chapter. Such liability on the official bond shall be effective May 10, 1941, or which may be given in the future. All sums recovered on any surety bond for losses sustained by the unemployment compensation and employment service administration fund shall be deposited in said fund.