In accordance with the decision of the Parliament:

ARTICLE 1

In order to limit the investment of the municipality's investments in the economic cycle, the municipality may, in the course of an upturn and in the course of the upturn, make cyclical deposits available for use in the event of a decrease in the business cycle and in the course of the recession, in order to maintain or promote employment Investments as provided for in this Act.

ARTICLE 2

The deposit must be made during the course of the decision by the State Council. The Treasury will continue to transfer the funds accrued from municipalities' cyclical deposits to a special escrow account to the Bank of Finland.

The depository deposit is deemed to have been deposited once it has been deposited in the Treasury account.

ARTICLE 3

In adopting the decision referred to in Article 2 (1), the State Council must at the same time decide when the deposit is to be lifted.

In such a case, the State Council may authorise the municipalities to increase their cyclically-adjusted accounts or some of them before the end of the prescribed deposit period or to extend the deposit period up to a maximum of one year.

Notwithstanding the provisions of paragraphs 1 and 2, the Ministry of Finance may, upon application, authorise the municipality to lift the cyclically-deposit before the end of the deposit period if the employment or other specific cause of employment is required.

§ 4

When the municipality does or intends to make a cyclical deposit to transfer the start of a project eligible for State aid, which has already been approved by the relevant public authority of the programme or the corresponding plan, it shall: Authority to approve the project. At the end of the depository, the State contribution or grant to the start-up costs shall be paid in accordance with the relevant State aid provisions.

§ 5 (30.12.2002)

Paragraph 5 has been repealed by L 30.12.2002/1300 .

ARTICLE 6

The State pays an annual rate of interest to the government of the municipality, the amount of which is the base rate of the Bank of Finland minus 2 1/2 percentage points. Interest shall be made during the withdrawal of the deposit and shall be paid separately for each of the funds raised. The Bank of Finland shall pay an interest rate equal to the amount corresponding to each calendar year transferred to it by the Treasury.

The State Council may decide that an additional interest rate of up to 6 % shall be paid to the cyclically-deposit facility. For a deposit of less than one year, no additional interest shall be paid unless the deposit period is based on a decision taken pursuant to Article 3 (2) of the Council of State on the reduction of the deposit period.

§ 7

Before the adoption of the decisions of the Board of State referred to in Article 2 (1) and Article 3 (2), the opinion of the Executive Board of the Bank of Finland shall be obtained, unless the Executive Board has submitted an act. In addition, the central organisations of the municipalities should be given an opportunity to make an opinion.

§ 8 (3.3.1995/308)

If the municipality has not used the business cycle in accordance with this law and in accordance with the provisions and regulations adopted pursuant to it, the municipality is obliged to return to the State the amount which the municipality has received as an additional interest in the deposit facility And the annual interest rate Article 4 of the Corinth Act The interest rate referred to in paragraph 3, including the date of withdrawal of the deposit.

§ 9

More detailed provisions on the implementation of this law shall be adopted, where appropriate, by a regulation.

ARTICLE 10

This Act shall enter into force on 10 June 1985.

HE 33/83, yyyy. 9/85, svk.M. 31/85