This bill amends the Code of West Virginia to provide a mechanism for the Governor to borrow funds from the Revenue Shortfall Reserve Fund to support the Unemployment Compensation Fund when its balance falls below $50 million. The Governor can execute this borrowing by notifying the presiding officers of both legislative houses and can only borrow up to $50 million or the amount necessary to maintain a minimum balance of $50 million in the Unemployment Compensation Fund. Additionally, the Executive Director of Workforce West Virginia must project that the fund's balance will drop below $50 million within the next 30 days before any borrowing can occur.

The bill stipulates that any borrowed funds must be used solely for paying benefits and must be repaid without interest within 180 days from the Unemployment Trust Fund or other legally available funds once the balance exceeds $50 million. Furthermore, the deadline for borrowing has been extended from September 1, 2018, to September 1, 2027. This legislative change aims to ensure the solvency of the Unemployment Compensation Fund during periods of significant federal layoffs that may deplete its resources.

Statutes affected:
Introduced Version: 21A-8-16