Payments

From the amount allocated for State and local governments under section 6723 of this title, the Secretary shall pay not later than five days after the beginning of each quarter to each State and to each local government which has filed a statement of assurances under section 6725 of this title, an amount equal to the amount allocated to such State or local government under section 6723 of this title. Payments under this subchapter may be made with necessary adjustments on account of overpayments or underpayments. the average rate of unemployment within the jurisdiction of such State or local government during the most recent calendar quarter which ended three months before the beginning of such calendar quarter was less than 4.5 percent, or the rate of unemployment within the jurisdiction of such government for the last month of the most recent calendar quarter which ended three months before the beginning of such calendar quarter did not exceed 4.5 percent. No amount shall be paid to any State or local government under the provisions of this section for any calendar quarter if— (Source: (Pub. L. 94–369, title II, § 210, July 22, 1976, 90 Stat. 1009; Pub. L. 94–447, title II, § 201 (5), Oct. 1, 1976, 90 Stat. 1498.))