By:  Oliveira                                         H.B. No. 1335
       73R3588 PB-F
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the use of the advance interest trust fund to fund
    1-3  certain programs administered by the Texas Employment Commission.
    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 to the Unemployment Compensation
   1-18  Special Administration Fund for the administration of the pay day
   1-19  law (Article 5155, Revised Statutes), Texas Minimum Wage Act
   1-20  (Article 5159d, Vernon's Texas Civil Statutes), and the child labor
   1-21  law, Chapter 531, Acts of the 67th Legislature, Regular Session,
   1-22  1981 (Article 5181.1, Vernon's Texas Civil Statutes).  If the
   1-23  Governor, upon the advice of the Commission, determines that funds
   1-24  in the unemployment compensation fund will be depleted at the time
    2-1  payment on an advance from the federal Unemployment Trust Fund is
    2-2  due, and that depletion of the funds will cause the loss of some
    2-3  portion of the credit received by employers against their federal
    2-4  unemployment tax rate, or if the Governor determines that payment
    2-5  of interest on a federal loan can be avoided by keeping the balance
    2-6  of the unemployment compensation fund positive, the Governor may
    2-7  authorize the Commission to transfer money from the Advance
    2-8  Interest Trust Fund to the unemployment compensation fund.
    2-9        SECTION 2.  The importance of this legislation and the
   2-10  crowded condition of the calendars in both houses create an
   2-11  emergency and an imperative public necessity that the
   2-12  constitutional rule requiring bills to be read on three several
   2-13  days in each house be suspended, and this rule is hereby suspended,
   2-14  and that this Act take effect and be in force from and after its
   2-15  passage, and it is so enacted.