NRS612.6128. Procedure for payment of bond-related obligations.

      1.  For each calendar year in which bond obligations and bond administrative expenses will be due, the State Treasurer shall notify the Administrator of the amount of bond obligations, the estimated amount of bond administrative expenses and the other amounts described in subsection 2 of NRS 612.613 in sufficient time, as determined by the Administrator, to permit the Administrator to determine the amount of special bond contributions required for that year, for deposit into the Unemployment Compensation Bond Fund. The State Treasurer’s calculation of the amount of bond obligations and bond administrative expenses that will be due is subject to verification by the Administrator.

      2.  Money in the Unemployment Compensation Bond Fund that is needed to pay bond obligations and bond administrative expenses or to replenish bond reserves must be transferred as directed by the Administrator to ensure the timely payment of bond obligations and bond administrative expenses and timely replenishment of bond reserves under any instrument or agreement related to the bonds.

      3.  If there is a deficiency in the Unemployment Compensation Bond Fund and to the extent permitted by law, that part of the principal due on bonds which is attributable to payment of benefits or the repayment of the principal of federal advances under Title XII of the Social Security Act, 42 U.S.C. §§ 1321 et seq., as amended, exclusive of any interest or bond administrative expenses associated with the bonds, may be paid from this State’s account in the Unemployment Trust Fund of the United States Treasury.

      (Added to NRS by 2013, 2646)