Vermont § 1365 - Contingent Fund

§ 1365. Contingent Fund

• (a) There is created a special fund to be known as the Contingent Fund. All interest,
  fines, and penalties collected under the provisions of this chapter, together with
  any voluntary contributions tendered as a contribution to the Contingent Fund, shall
  be paid into the Contingent Fund. The monies shall not be expended or available for
  expenditures in any manner that would permit their substitution for, or a corresponding
  reduction in, federal funds that would in the absence of the monies be available to
  finance expenditures for the administration of the unemployment compensation law. (b) Nothing in this chapter shall prevent the monies from being used as a revolving fund
  to cover expenditures, necessary and proper under the law for which federal funds
  have been duly requested but not yet received, subject to the charging of the expenditures
  against the funds when received. (c) The monies in the Contingent Fund shall be used by the Commissioner for the payment
  of costs of administration that are found not to have been properly and validly chargeable
  against federal grants, or other funds, received for or in the Unemployment Compensation
  Administration Fund. No expenditure of the Contingent Fund shall be made unless and
  until the Commissioner finds that no other funds are available or can properly be
  used to finance the expenditures. (d) The State Treasurer shall co-sign all expenditures from the Contingent Fund authorized
  by the Commissioner. (e) The monies in the Contingent Fund are available to replace, within a reasonable time,
  any monies received by this State pursuant to 42 U.S.C. § 502 that because of any action or contingency, have been lost or have been expended for
  purposes other than, or in amounts in excess of, those necessary for the proper administration
  of the unemployment compensation law. (f) The monies in the Contingent Fund shall be continuously available to the Commissioner
  for expenditure in accordance with the provisions of this section and shall not lapse
  at any time or be transferred to any other fund except as provided pursuant to this
  section. (g) On December 31 of each year, all monies in excess of $10,000.00 in the Contingent
  Fund shall be transferred to the Unemployment Compensation Trust Fund. On or before
  March 31 of each year, an audit of the Contingent Fund shall be completed and a report
  of that audit shall be made public. (h) In the event that a refund of interest, a fine, or a penalty is found necessary, and
  the interest, fine, or penalty has been deposited in the Contingent Fund, the refund
  shall be made from the Contingent Fund. (Amended 1959, No. 329 (Adj. Sess.), § 22, eff. March 1, 1961; 1961, No. 210, § 15, eff. July 11, 1961; 1983, No. 16, § 8, eff. April 4, 1983; 1985, No. 121 (Adj. Sess.), § 2, eff. April 16, 1986; 2023, No. 85 (Adj. Sess.), § 208, eff. July 1, 2024; 2023, No. 184 (Adj. Sess.), § 9, eff. July 1, 2024.)