A. This state recognizes its obligation to replace, and pledges its faith that funds will be provided in the future and applied to the replacement of, any monies received from the United States department of labor under title III of the social security act, any monies granted to this state pursuant to the provisions of the Wagner-Peyser act, and any monies made available by this state or its political subdivisions and matched by monies granted to this state pursuant to the provisions of the Wagner-Peyser act, which the secretary of labor of the United States finds, because of any action or contingency, have been lost or have been expended for purposes other than, or in amounts in excess of, those found necessary by the secretary of labor of the United States and the employment security commission for the proper administration of this chapter.

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B. Such monies shall be replaced within a reasonable time by monies appropriated by the legislature from the general funds of this state to the employment security administration fund for expenditure as provided in section 23-707. The commission shall report to the state budget officer in the same manner as is provided generally for the submission of financial requirements, and the governor shall include in his budget report to the next regular session of the legislature the amount required for replacement.

C. The monies in the special administration fund are specifically made available to replace, within a reasonable time, monies received by this state under title III of the social security act which are required to be paid under this section.