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218 PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW
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218 PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW
(b) Application of balance.--The bond proceeds deposited under subsection
(a)(7) shall be applied as directed by the department to do one or more
of the following:
(1) Repay the principal and interest of previous Federal advances.
(2) Pay unemployment compensation benefits.
(3) Pay bond administrative expenses.
(4) Redeem or purchase outstanding bonds.
(5) Pay bond obligations. (1406 added June 12, 2012, P.L.577, No.60) Section 1407. Payment of bond-related obligations.--
(a) Notification.--For each calendar year in which bond obligations and bond
administrative expenses will be due, the authority shall notify the department of
the amount of bond obligations and the estimated amount of bond administrative
expenses in sufficient time, as determined by the department, to permit the
department to determine the amount of additional contributions under section
301.6 required for that year, for deposit into the Debt Service Fund. The
authority's calculation of the amount of bond obligations and bond administrative
expenses that will be due is subject to verification by the department.
(b) Transfer.--Moneys in the Debt Service Fund that are needed to pay bond
obligations and bond administrative expenses or to replenish bond reserves
shall be transferred to the authority to ensure timely payment of bond
obligations and bond administrative expenses and timely replenishment
of bond reserves under any instrument or agreement related to the bonds.
(c) Deficiency in Debt Service Fund.--If there is a deficiency in the Debt Service
Fund and to the extent permitted by law, that part of the principal owed on
bonds which is attributable to repayment of the principal of advances under
Title XII of the Social Security Act (58 Stat. 790, 42 U.S.C. § 1321 et seq.),
exclusive of interest or administrative costs associated with the bonds,
may be paid from the Unemployment Compensation Fund. (1407 added June 12, 2012, P.L.577, No.60)