Section 1611 Of Article 6. Employment Training Fund From California Unemployment Insurance Code >> Division 1. >> Part 1. >> Chapter 6. >> Article 6.
1611
. Moneys in the Employment Training Fund shall be expended only
for the purposes of Chapter 3.5 (commencing with Section 10200) of
Part 1 of Division 3, and for the costs of administering this article
and Section 976.6, except those moneys may be used for any of the
following:
(a) With the approval of the Legislature, the fund or
contributions to it may be used to pay interest charged on federal
loans to the Unemployment Fund.
(b) Commencing with allocations made to the Employment Training
Panel in the 1992-93 fiscal year, any moneys allocated to the panel
in a fiscal year that are not encumbered by the panel in that fiscal
year shall revert to the Unemployment Insurance Fund.
(c) It is the intent of the Legislature that the panel shall
closely monitor program performance and expenditures for employment
training programs administered by the panel, and that the panel shall
expeditiously disencumber funds that are not needed for employment
training program completion. Commencing with the 1992-93 fiscal year,
those moneys that are disencumbered during the fiscal year that are
not reencumbered during the same fiscal year shall revert to the
Unemployment Insurance Fund.
(d) Notwithstanding any other law, the Controller may use the
moneys in the Employment Training Fund for loans to the General Fund
as provided in Sections 16310 and 16381 of the Government Code.
However, interest shall be paid on all moneys loaned to the General
Fund from the Employment Training Fund. Interest payable shall be
computed at a rate determined by the Pooled Money Investment Board to
be the current earning rate of the fund from which loaned. This
subdivision does not authorize any transfer that will interfere with
the carrying out of the object for which the Employment Training Fund
was created.