2023 Laws of Puerto Rico › TITLE TWENTY-NINE - Labor (§§ 1 — 3004) › PART III - Social Security (§§ 611 — 726f) › Chapter 47 - Employment Security Act (§§ 701 — 717) › § 711d - Administrative Expenses Fund

(a) Establishment of the Fund.— An Administrative Expenses Fund is hereby created in the Treasury of the Commonwealth of Puerto Rico, which shall be a special, separate and distinct fund from all other moneys or funds of the Commonwealth of Puerto Rico. This Fund shall consist of:
(1) All money proceeding from the special tax collected by virtue of § 708(h)(2) of this title;
(2) all interest accrued on any money of the Fund;
(3) all property or securities acquired in lieu of interest, fines, penalties or obligations to the Fund, and
(4) money received for the Fund from any other source.
The money in the Administrative Expenses Fund shall not be invested nor shall be available for investment in any manner that results in the substitution thereof, or in a corresponding reduction of the Federal funds available to this Commonwealth under Title III of the Social Security Act and under the Act approved June 6, 1933 (48 Stat, 113) amended, for the administration of the unemployment program established by this chapter and the employment service program established by §§ 551 et seq. of this title.
(b) Deposit and disbursement.— All the money in the Administrative Expense Fund shall be deposited, administered, and disbursed in the same manner and under the same conditions and requirements provided by law with respect to other special funds in the Treasury of the Commonwealth of Puerto Rico, except that the money in this Fund shall not be consolidated with other Commonwealth funds, but shall be kept in a separate account in the books of the depositary bank. The Secretary of the Treasury shall be the Treasurer and the ex officio custodian of the Fund. He shall be accountable, under his official bond, for the faithful compliance of his duties with regard to said Fund. Said accountability shall be effective January 1, 1992, and shall exist in addition to any other accountability under any separate bond existing on that date or subsequently.
The money in the Administrative Expenses Fund shall be continually at the disposition of the Secretary solely and exclusively for the administration of the Employment Opportunity Development Fund created by virtue of § 711c of this title.
The Secretary of the Treasury shall be accountable, under his official bond, for the faithful compliance of his duties with regard to the Administrative Expenses Fund created by this section. Said accountability under his official bond shall be effective immediately upon the approval of this provision, and the same shall be in addition to any other accountability imposed under any other separate bond existing on the effective date of this provision, or that could be imposed in the future.
(c) Use of the Fund.— All the moneys belonging to this Fund shall be used exclusively for the purposes and in those amounts that the Secretary determines are necessary for the proper and efficient administration of the Employment Opportunities Development Fund established by § 711c of this title.
History —June 21, 1956, No. 74, p. 329, added as § 12C on Aug. 9, 1991, No. 52, § 2; July 9, 1992, No. 16, § 2; Nov. 17, 1993, No. 93, § 2.