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Oklahoma Statutes - Title 40. Labor Page 155 America continues to maintain for this state a separate book account of all funds deposited therein by this state for benefit purposes, together with this state's proportionate share of the earnings of such unemployment trust fund, from which no other state is permitted to make withdrawals. Added by Laws 1980, c. 323, § 3-609, eff. July 1, 1980.

§40-3-610. Management of funds of unemployment trust fund. MANAGEMENT OF FUNDS OF UNEMPLOYMENT TRUST FUND. If and when the unemployment trust fund in the Treasury of the United States, ceases to exist, or such separate book account of the unemployment trust fund is no longer maintained, all moneys belonging to the unemployment compensation fund of this state shall be administered by the Commission as a trust fund for the purpose of paying benefits under this act, and the Commission shall have authority to hold, invest, transfer, sell, deposit, and release such moneys, and any properties, securities, or earnings acquired as an incident to such administration; provided, that such moneys shall be invested in the following readily marketable classes of securities: Bonds or other interest-bearing obligations of the United States of America or guaranteed both as to interest and principal by the United States; provided further, that such investment shall at all times be so made that all the assets of the fund shall always be readily convertible into cash when needed for the payment of benefits. The Treasurer shall dispose of securities or other properties belonging to the unemployment compensation fund only under the direction of the Commission. Added by Laws 1980, c. 323, § 3-610, eff. July 1, 1980.

§40-3-701. Applicability. APPLICABILITY. The provisions of this part shall apply to the financing of benefits to employees of the state and political subdivisions thereof and their instrumentalities. Added by Laws 1980, c. 323, § 3-701, eff. July 1, 1980.

§40-3-702. Payments by the state subdivisions and instrumentalities in lieu of contributions. PAYMENTS BY THE STATE SUBDIVISIONS AND INSTRUMENTALITIES IN LIEU OF CONTRIBUTIONS. In lieu of contributions required of employers under the Employment Security Act of 1980, as provided by this act, the State of Oklahoma and its instrumentalities shall pay each quarter beginning after March 31, 1978, including any political subdivision and its instrumentalities after December 31, 1977, one percent (1%) of taxable wages, as defined in this act, paid to employees covered by this act. Such payments made in lieu of contributions shall be paid on or before the last day of the month