SF 3431

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to unemployment insurance; providing a 
  1.3             special assessment to pay interest on a federal loan; 
  1.4             amending Minnesota Statutes 2000, section 268.051, 
  1.5             subdivision 8. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 268.051, 
  1.8   subdivision 8, is amended to read: 
  1.9      Subd. 8.  [SOLVENCY SPECIAL ASSESSMENT FOR INTEREST ON 
  1.10  FEDERAL LOAN.] (a) If the fund balance is less than $150,000,000 
  1.11  on June 30 October 31 of any year, the commissioner, in 
  1.12  consultation with the commissioner of finance, determines that 
  1.13  an interest payment will be due during the following calendar 
  1.14  year on any loan from the federal unemployment trust fund under 
  1.15  section 268.194, subdivision 6, a solvency special assessment on 
  1.16  taxpaying employers will be in effect for the following calendar 
  1.17  year.  The taxpaying employer shall pay quarterly a solvency The 
  1.18  legislature authorizes the commissioner, in consultation with 
  1.19  the commissioner of finance, to determine the appropriate level 
  1.20  of the assessment, of ten from two percent to eight percent of 
  1.21  the quarterly unemployment taxes due, that will be necessary to 
  1.22  pay the interest due on the loan. 
  1.23     (b) The solvency special assessment shall be placed into a 
  1.24  special account from which the commissioner shall pay any 
  1.25  interest accruing that has accrued on any loan from the federal 
  2.1   unemployment trust fund provided for under section 268.194, 
  2.2   subdivision 6.  If, at the end of each calendar quarter, the 
  2.3   commissioner, in consultation with the commissioner of finance, 
  2.4   determines that the balance in this special account, including 
  2.5   interest earned on the special account, is more than is 
  2.6   necessary to pay the interest which has accrued on any loan as 
  2.7   of that date, or will accrue over the following calendar 
  2.8   quarter, the commissioner shall immediately pay to the fund the 
  2.9   amount in excess of that necessary to pay the interest on any 
  2.10  loan. 
  2.11     [EFFECTIVE DATE.] This section is effective the day 
  2.12  following final enactment.