Z-1520               _______________________________________________

 

                                                   SENATE BILL NO. 4968

                        _______________________________________________

 

State of Washington                              49th Legislature                              1986 Regular Session

 

By Senators Warnke and Rasmussen;by request of Employment Security

 

 

Read first time 1/24/86 and referred to Committee on Commerce & Labor.

 

 


AN ACT Relating to administrative funding of the unemployment insurance program; creating new sections; providing an effective date; and declaring an emergency.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

 

          NEW SECTION.  Sec. 1.     The legislature finds that reductions in federal funding in the employment security department as a result of federal deficit reduction legislation place the quality of the unemployment insurance program in severe jeopardy.

          Resources are available from the federal interest payment fund that were collected, but not needed, for the payment of interest on federal loans to the unemployment insurance trust fund.

          The legislature concludes that it is in the best interest of the state to transfer these funds to the unemployment compensation administration fund for the purpose of partially offsetting the deleterious effects of the reduced federal resources in the employment security department.

 

          NEW SECTION.  Sec. 2.     The provisions of RCW 50.16.070 to the contrary notwithstanding, all moneys in the federal interest payment fund as of March 31, 1986, including any interest thereon, shall be transferred to the unemployment compensation administration fund.

 

          NEW SECTION.  Sec. 3.     This act is necessary for the immediate preservation of the public peace, health, and safety, the support of the state government and its existing public institutions, and shall take effect March 31, 1986.