H.B. No. 1335
1-1 AN ACT
1-2 relating to the use of the advance interest trust fund and the
1-3 unemployment compensation special administration fund.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 9c(a), Texas Unemployment Compensation
1-6 Act (Article 5221b-7c, Vernon's Texas Civil Statutes), is amended
1-7 to read as follows:
1-8 (a) The Advance Interest Trust Fund is established. The
1-9 fund is a trust fund in the custody of the State Treasurer and may
1-10 be used without appropriation by the Governor for the purpose of
1-11 paying interest incurred on advances from the federal Unemployment
1-12 Trust Fund, incurred on any bonds issued to reduce or avoid federal
1-13 advances to the unemployment compensation fund, and to repay
1-14 temporary transfers of surplus cash which may be made between this
1-15 fund and other funds. The State Treasurer and the Comptroller
1-16 shall transfer all income earned after April 1, 1983 <September 1,
1-17 1988>, from investment of the fund and such other funds as may be
1-18 appropriated to the Unemployment Compensation Special
1-19 Administration Fund for the administration of the pay day law
1-20 (Article 5155, Revised Statutes), Texas Minimum Wage Act (Article
1-21 5159d, Vernon's Texas Civil Statutes), and the child labor law,
1-22 Chapter 531, Acts of the 67th Legislature, Regular Session, 1981
1-23 (Article 5181.1, Vernon's Texas Civil Statutes). If the Governor,
1-24 upon the advice of the Commission, determines that funds in the
2-1 unemployment compensation fund will be depleted at the time payment
2-2 on an advance from the federal Unemployment Trust Fund is due, and
2-3 that depletion of the funds will cause the loss of some portion of
2-4 the credit received by employers against their federal unemployment
2-5 tax rate, or if the Governor determines that payment of interest on
2-6 a federal loan can be avoided by keeping the balance of the
2-7 unemployment compensation fund positive, the Governor may authorize
2-8 the Commission to transfer money from the Advance Interest Trust
2-9 Fund to the unemployment compensation fund.
2-10 SECTION 2. Money in the Advance Interest Trust Fund may also
2-11 be used to fund start-up expenses, to award grants, and for such
2-12 other purposes as may be authorized under S.B. No. 130, Acts of the
2-13 73rd Legislature, Regular Session, 1993. Funds used for this
2-14 purpose are subject to legislative appropriation and are only
2-15 available for use during the period beginning September 1, 1993,
2-16 and ending August 31, 1995. All funds so used for this purpose are
2-17 to be repaid to the Advance Interest Trust Fund (Fund 935). The
2-18 comptroller shall transfer such amount from the smart jobs holding
2-19 fund or the smart jobs fund to the Advance Interest Trust Fund
2-20 (Fund 935) by September 30, 1995, and this section shall expire on
2-21 that date.
2-22 SECTION 3. The importance of this legislation and the
2-23 crowded condition of the calendars in both houses create an
2-24 emergency and an imperative public necessity that the
2-25 constitutional rule requiring bills to be read on three several
2-26 days in each house be suspended, and this rule is hereby suspended,
2-27 and that this Act take effect and be in force from and after its
3-1 passage, and it is so enacted.