By:  Junell                                           H.B. No. 1001
       73R4893 GCH-F
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to payment of contributions to the Teacher Retirement
    1-3  System of Texas for the fiscal year ending August 31, 1995.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  (a)  Notwithstanding Section 403.093(c),
    1-6  Government Code, the comptroller may not make monthly payments from
    1-7  the general revenue fund to the state contribution account of the
    1-8  trust fund for the Teacher Retirement System of Texas during June,
    1-9  July, or August of 1995, except as provided by Subsection (b) of
   1-10  this section.  Not later than September 3, 1995, the comptroller
   1-11  shall make the payments for those months deferred by this section.
   1-12        (b)  Each month in which any portion of a payment deferred by
   1-13  this section remains unpaid, the comptroller shall transfer to the
   1-14  state contribution account of the trust fund for the Teacher
   1-15  Retirement System of Texas from the general revenue fund an amount
   1-16  certified by the Teacher Retirement System of Texas that is equal
   1-17  to the greater of eight percent of or the rate of yield that would
   1-18  have been earned on the unpaid deferred amount if monthly
   1-19  contributions to the Teacher Retirement System of Texas had been
   1-20  made as provided by Section 403.093(c), Government Code, for that
   1-21  month and for each previous month of the fiscal year in which the
   1-22  payments have been deferred as provided by this section, and had
   1-23  been invested.
   1-24        SECTION 2.  The importance of this legislation and the
    2-1  crowded condition of the calendars in both houses create an
    2-2  emergency and an imperative public necessity that the
    2-3  constitutional rule requiring bills to be read on three several
    2-4  days in each house be suspended, and this rule is hereby suspended,
    2-5  and that this Act take effect and be in force from and after its
    2-6  passage, and it is so enacted.