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.