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Oklahoma Statutes - Title 40. Labor Page 153

§40-3-603. State Treasurer to maintain three accounts. STATE TREASURER TO MAINTAIN THREE ACCOUNTS. The State Treasurer shall maintain within the Fund three separate accounts: (1) a clearing account, (2) an unemployment trust fund account, and (3) a benefit account. Added by Laws 1980, c. 323, § 3-603, eff. July 1, 1980.

§40-3-604. Clearing account. CLEARING ACCOUNT. All monies payable to the fund, upon receipt thereof by the Commission, shall be forwarded to the Treasurer who shall immediately deposit them in the clearing account. Refunds payable pursuant to this act shall be payable from the clearing account upon warrants or electronic fund transfers issued under the direction of the Commission. Added by Laws 1980, c. 323, § 3-604, eff. July 1, 1980. Amended by Laws 2010, c. 216, § 11, eff. July 1, 2010.

§40-3-605. Unemployment trust fund. UNEMPLOYMENT TRUST FUND. After clearance thereof, all other moneys in the clearing account shall be immediately deposited with the Secretary of the Treasury of the United States of America to the credit of the account of this state in the unemployment trust fund, established and maintained pursuant to Section 904 of the Social Security Act, as amended, any provisions of law in this state relating to the deposit, administration, release or disbursement of moneys in the possession or custody of this state to the contrary notwithstanding. Added by Laws 1980, c. 323, § 3-605, eff. July 1, 1980.

§40-3-606. Benefit account. BENEFIT ACCOUNT. The benefit account shall consist of all moneys requisitioned from this state's account in the unemployment trust fund in the United States Treasury. Moneys in the clearing and benefit account may be deposited in any depository bank in which general funds of the state may be deposited, but no public deposit insurance charge or premium shall be paid out of the fund. Moneys in the clearing and benefit accounts shall not be commingled with other state funds, but shall be maintained in separate accounts on the books of the depository bank. Such moneys shall be secured by said depository bank by collateral in the full amount of funds on deposit. Such security shall consist of (1) United States Government obligations, direct or guaranteed, and (2) direct obligations of the State of Oklahoma. 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. The State Treasurer