P.R. Laws tit. 29, § 711
(a) Establishment of Administration Fund.— There is hereby established in the Treasury of the Commonwealth of Puerto Rico, as a special fund, separate and apart from all other public money or funds of the Commonwealth of Puerto Rico, an Employment Security Administration Fund. The Secretary of the Treasury shall be the Treasurer and ex officio custodian of this fund. The fund shall consist of all money received from the United States or any agency thereof; any money replaced into the fund by this Commonwealth in accordance with subsection (d) of this section; all money received from any agency of the United States or any State as compensation for service or facilities supplied to such agency; all amounts received pursuant to any surety bond or insurance policy or from other sources for losses sustained by the Employment Security Administration Fund or by reason of damage to property, equipment, or supplies purchased from money in such fund; and all proceeds realized from the sale or disposal of any property, equipment, or supplies purchased from money in such fund which may no longer be necessary for the proper administration of this chapter. The amount of any check issued against the Administration Fund which has not been cashed within the one year period following the date on which it was issued, shall revert to such fund, any provision of law to the contrary notwithstanding.
All money deposited or covered into this fund shall be continuously available to the Secretary for expenditure in accordance with the provisions of this chapter, and shall never lapse or be transferred to any other fund.
(b) Protection against loss.— All money in the Employment Security Administration Fund shall be secured by the depositary bank by collateral in the full amount of the funds on deposit. Such security shall consist of:
(1) United States Government debentures, direct or guaranteed, and
(2) direct debentures of Puerto Rico. 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 Commonwealth.
The Secretary of the Treasury shall be liable under his official bond for the faithful performance of his duties in connection with the Employment Security Administration Fund created hereunder. Such liability under the official bond shall be operative immediately upon the enactment of this provision, and such liability shall stand in addition to any liability upon any separate bond existing on the effective date of this provision, or which may be given thereafter.
(c) Deposit and disbursement.— Except as otherwise provided herein, all money in the Employment Security Administration Fund shall be deposited, administered, and disbursed in like manner and under the same conditions and requirements as is provided by law with respect to other special funds in the Treasury of the Commonwealth of Puerto Rico, except that money in this fund shall not be commingled with other Commonwealth funds, but shall be kept in a separate account on the books of the depositary bank. All money in this fund shall be expended solely for the purposes and in the amount found necessary by the Secretary of Labor of the United States for the proper and efficient administration of the unemployment insurance program established by this chapter, and the employment service program established by the Puerto Rico Public Employment Service Act, §§ 551—563 of this title.
(d) Reimbursement of the fund.— If any money in the Employment Security Administration Fund, paid to this Commonwealth under Title III of the Social Security Act, or under the Act of June 6, 1933 (48 Stat. 113), as amended, is found by the Secretary of Labor of the United States, because of any action or contingency, to have been lost or to have been expended for purposes other than, or in amounts in excess of, those found necessary by the Secretary of Labor of the United States for the proper administration of the unemployment insurance and the employment service programs, such money shall be replaced into the Employment Security Administration Fund for expenditures as provided in subsection (c) of this section. If an appropriation is necessary to replace any such money, the Secretary shall promptly report the amount required for such replacement to the Governor, and the Governor shall, at the earliest opportunity, submit to the Legislature a request for the appropriation of such amount.
(e) Transfer of money to the Employment Security Administration Fund.—
(1) Any money received prior to January 1, 1961, from the United States or any agency thereof for the administration of the public employment offices of the Commonwealth agency cooperating with the United States Employment Service, under the Act of June 6, 1933 (48 Stat. 113), as amended, which has been deposited in the Employment Service Administration Fund and remains unexpended as of such date, shall, any other provisions of law to the contrary notwithstanding, be transferred by the Secretary to the Employment Security Administration Fund as of such date.
(2) Transfer of money to the Special Auxiliary Fund. — Any money deposited in the Employment Security Administration Fund prior to January 1, 1961 (except the money transferred pursuant to clause (1) of this subsection) and remaining unobligated as of such date, shall, any other provision of law to the contrary notwithstanding, be transferred by the Secretary to the Special Auxiliary Fund established by § 711a of this title.
History —June 21, 1956, No. 74, p. 328, § 11; Dec. 22, 1960, No. 1, p. 1, § 12, eff. Jan. 1, 1961.