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.