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45 U.S.C. § 403Appropriation to railroad unemployment insurance account; transfer and repayment of funds; interest

submitted 65 years ago by Pub. L. 87-7 to r/title-45-RAILROADS · 90 words · no verdicts yet

in plain englishAI-generated · not legal advice

Congress can send as much money as needed to the railroad unemployment insurance account, with no yearly limit. The Secretary of the Treasury moves the money in after talking with the Railroad Retirement Board. These transfers are loans that must be repaid, but they charge no interest.

This section lets the federal government fund the railroad unemployment insurance account. Congress authorizes appropriations to this account. There's no fiscal year limitation, so the money doesn't expire and doesn't have to be reauthorized every year. It can be as large as needed to carry out the rules of this chapter. The Secretary of the Treasury decides how much to transfer, and when, from time to time. Before doing so, the Secretary consults with the Railroad Retirement Board. The Secretary bases each transfer on estimates of what the account actually needs to carry out this chapter's programs. The money isn't a gift. Each amount transferred counts as a "repayable advance." That means the railroad unemployment insurance account must pay the money back later. But these advances come with no interest charge. The government doesn't add any extra cost for lending the account this money — only the original amount transferred ever has to be repaid.
the actual law source: uscode.house.gov ↗public domain

There are authorized to be appropriated to the railroad unemployment insurance account, without fiscal year limitation, such amounts as may be necessary to carry out the provisions of this chapter. The amounts so appropriated shall be transferred from time to time to the railroad unemployment insurance account on the basis of estimates by the Secretary of the Treasury after consultation with the Railroad Retirement Board of the amounts required from time to time to carry out the provisions of this chapter. Amounts so transferred shall be repayable advances without interest.

Source credit: (Pub. L. 87–7, § 4, Mar. 24, 1961, 75 Stat. 17; Pub. L. 88–133, title III, § 303(c), Oct. 5, 1963, 77 Stat. 222.)

history & why it existsrecord from the source credit
  • 1961Enacted · Pub. L. 87-7 · 75 Stat. 17
  • 1963Amended · Pub. L. 88-133 · 77 Stat. 222

A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-7 on 1961-03-24.

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