By:  Montford, Ellis                                   S.B. No. 130
                                 A BILL TO BE ENTITLED
                                        AN ACT
    1-1  relating to the establishment of an employment training program,
    1-2  the levy of an assessment for employment training purposes,
    1-3  establishing a holding fund, establishing an employment training
    1-4  fund, reducing the replenishment tax rate, reducing the entry level
    1-5  tax rate, and declaring an emergency.
    1-6        BE IT ENACTED BY THE LEGISLATURE OF TEXAS:
    1-7                               PREAMBLE
    1-8        The Texas Legislature finds:
    1-9        (a)  The development and expansion of business, commerce, and
   1-10  industry are essential to the economic growth of the state and to
   1-11  the full employment, welfare, and prosperity of its citizens.
   1-12        (b)  The number of people seeking jobs in Texas exceeds the
   1-13  number of available jobs.
   1-14        (c)  Despite the large number of unemployed job seekers, many
   1-15  employers in new and expanding industries are having difficulty
   1-16  finding the skilled workers they need.  A similar problem exists in
   1-17  industries where overall employment may not be expanding but where
   1-18  there is an acute need for skilled workers in particular
   1-19  occupations.
   1-20        (d)  Studies have shown that the availability of an educated,
   1-21  skilled work force is the single most important factor in an
   1-22  employer's decision to relocate or expand its operations.
   1-23        (e)  The Texas economy is today being challenged by
    2-1  competition from other states and overseas.  Our success in meeting
    2-2  that challenge will depend largely on our ability to maintain and
    2-3  improve a skilled and productive work force.  Employers, workers,
    2-4  organized labor, and government need to work together to ensure
    2-5  that Texas's labor force is prepared to succeed in the economic
    2-6  environment of the next century.
    2-7        (f)  The emergence of a global economy and the possible
    2-8  creation of the world's largest market through the North American
    2-9  Free Trade Agreement create opportunities for economic growth and
   2-10  social prosperity from which Texas can only benefit if its work
   2-11  force is educated, skilled, and prepared to excel.
   2-12        (g)  The changes in the global economy and the shifts in
   2-13  policy regarding the defense industry, with the potential for
   2-14  continued reductions in force, will require new training and
   2-15  retraining initiatives.
   2-16                              ARTICLE I.
   2-17        SECTION 1.01.  Section 481.076, Texas Government Code, is
   2-18  amended to read as follows:
   2-19        Section 481.076.  Smart Jobs Fund <Work Force Development
   2-20  Incentive> Program
   2-21         (a)  <After consultation with the Adult Education Advisory
   2-22  Committee of the State Board of Education and the Central Education
   2-23  Agency, the department shall develop> CREATION.  The Smart Jobs
   2-24  Fund program is created in the department as a work force
   2-25  development incentive program to enhance employment opportunities
    3-1  and to meet the needs of existing and new industries in this state.
    3-2        (b)  DEFINITIONS.  In this section:
    3-3              (1)  "demand occupation" means an occupation in which
    3-4  there are or will be positive growth-to-replacement ratios within
    3-5  the next twelve (12) to twenty-four (24) months as a result of
    3-6  business development, which may include relocation, expansion,
    3-7  turnover, diversification, or technological change, according to
    3-8  data developed by regional Quality Workforce Planning Committees.
    3-9              (2)  "department" means the Texas Department of
   3-10  Commerce.
   3-11              (3)  "employee" means a person in the service of
   3-12  another under any contract of hire,  whether express or implied, or
   3-13  oral or written.
   3-14              (4)  "employer" means an individual, corporation,
   3-15  organization, business trust, estate, trust, partnership,
   3-16  association or other legal entity that employs one or more
   3-17  employees.
   3-18              (5)  "executive director" means the Executive Director
   3-19  of the Texas Department of Commerce or his or her designee.
   3-20              (6)  "existing employer" means an employer that has
   3-21  been registered with the Texas Employment Commission as a liable
   3-22  employer, as defined in the Texas Unemployment Compensation Act,
   3-23  for more than one year and currently has persons in employment and
   3-24  is in compliance with the reporting and payment of all sums dues
   3-25  under that Act.
    4-1              (7)  "family wage job" means a job which offers:
    4-2                    (A)  wages greater than or equal to the state
    4-3  average weekly wage, adjusted for regional variances;
    4-4                    (B)  other benefits, such as workers'
    4-5  compensation and health care insurance coverage;
    4-6                    (C)  opportunity for continued skill development
    4-7  and career path advancement; and
    4-8                    (D)  substantial likelihood of long-term job
    4-9  security.
   4-10              (8)  "job" means employment on a basis customarily
   4-11  considered full-time for the occupation and industry.
   4-12              (9)  "policy board" means the policy board of the Texas
   4-13  Department of Commerce.
   4-14              (10)  "program" means the Smart Jobs Fund program
   4-15  created by this section.
   4-16              (11)  "project" means a specific employment training
   4-17  program developed and implemented by an employer under this
   4-18  section.
   4-19              (12)  "provider" means a person or entity that provides
   4-20  employment-related training, including certified proprietary
   4-21  schools as defined in Section 32.11 of the Education Code and
   4-22  public and private schools, technical institutes, junior colleges,
   4-23  colleges and universities.
   4-24              (13)  "state average weekly wage" means the annual
   4-25  average of the average weekly wage in this state as of September 1
    5-1  of each year, as determined by the Texas Employment Commission.
    5-2              (14)  "targeted industry" means an industry that
    5-3  promotes high-skill, high-wage jobs using Texas-available material
    5-4  and human resources, as defined by the Texas Department of
    5-5  Commerce.
    5-6              (15)  "trainee" means a participant in a project funded
    5-7  under this section.
    5-8              (16)  "wages" means every form of compensation or
    5-9  remuneration, excluding benefits, payable for a given period to an
   5-10  employee for personal services rendered.
   5-11        (c)  RULES.  The policy board shall adopt rules governing the
   5-12  Smart Jobs Fund program.  Such rules shall implement the following
   5-13  policies:
   5-14              (1)  The program shall give priority to the creation
   5-15  and retention of "family wage jobs" as defined in this section.  It
   5-16  will focus on employers in industries that promote manufacturing
   5-17  and technical jobs in current and new high-technology areas and on
   5-18  demand occupations that provide such jobs;
   5-19              (2)  The program shall be job-driven.  No grant shall
   5-20  be awarded unless the employer certifies that a family wage job
   5-21  opening exists or will exist at the end of the project for which
   5-22  the grant is sought and further certifies that the family wage job
   5-23  opening will be filled by a participant in the project.
   5-24              (3)  No grants shall be awarded for a project under
   5-25  this section unless an employer certifies that the starting wage
    6-1  for a new job shall be greater than sixty-six and two thirds
    6-2  percent (66 2/3%) of the state average weekly wage and the wage for
    6-3  an existing job shall be increased to the greater of ten percent
    6-4  (10%) over the then-current wage for that job or seventy-five
    6-5  percent (75%) of the state average weekly wage;
    6-6              (4)  An employer may apply for a grant under this
    6-7  section if the employer will have to reduce or eliminate its
    6-8  workforce because of reductions in overall employment within an
    6-9  industry or a substantial change in the skills required to continue
   6-10  the employer's business because of technological change or other
   6-11  factors.  In awarding a grant under this subpart, the executive
   6-12  director may waive the requirements of Subpart (3) of this
   6-13  subsection.
   6-14              (5)  The program shall give priority to individuals who
   6-15  meet the following qualifications, in descending order of priority
   6-16  with (A) having the highest priority:
   6-17                    (A)  Texas residents receiving financial or other
   6-18  aid through Unemployment Compensation (42 U.S.C. Section 501 et
   6-19  seq.);
   6-20                    (B)  Texas residents who are currently employed
   6-21  and whose employers are expanding, upgrading or relocating their
   6-22  operations in Texas;
   6-23                    (C)  unemployed Texas residents; and
   6-24                    (D)  all other Texas residents;
   6-25              (6)  At least <40> 50 percent of the money expended
    7-1  under the program shall be used for work force training projects to
    7-2  assist existing <businesses> employers in the state<.>;
    7-3              (7)  Money provided for a training project <costing
    7-4  more than $250,000> must be matched by funds provided by the
    7-5  <company> employer benefiting from the project in an amount at
    7-6  least equal to <twice> the amount provided by the state.  The
    7-7  policy board may adopt rules exempting employers of less than 50
    7-8  employees from the requirements of this subpart.  The policy board
    7-9  may adopt rules exempting projects that provide significant
   7-10  economic benefits to an entire region from the requirements of this
   7-11  subpart.  Employer matches may include documented in-kind
   7-12  contributions of goods and services as well as wages paid to
   7-13  trainees during the training period.
   7-14              (8)  No grants shall be awarded for a project under
   7-15  this section if the project will impair existing contracts for
   7-16  services or collective bargaining agreements, except that a project
   7-17  inconsistent with the terms of a collective bargaining agreement
   7-18  may be undertaken with the written concurrence of the collective
   7-19  bargaining unit and the employer or employers who are parties to
   7-20  the agreement.
   7-21        (d)  APPLICATION.  (1)  The following may apply for a grant
   7-22  under this section:
   7-23                    (A)  one or more employers;
   7-24                    (B)  an employer organization, labor organization
   7-25  or community-based organization, acting in partnership with one or
    8-1  more employers to secure training for demand occupations in a
    8-2  particular industry; or
    8-3                    (C)  a consortium composed of one or more
    8-4  providers, acting in partnership with one of more employers to
    8-5  secure training for demand occupations in a particular industry.
    8-6              (2)  The application, in a form to be approved by the
    8-7  executive director, shall include a complete business and training
    8-8  plan for each employer, including:
    8-9                    (A)  the number and kind of jobs available;
   8-10                    (B)  the skills and competencies required for the
   8-11  identified jobs;
   8-12                    (C)  the wages to be paid to trainees upon
   8-13  successful completion of the project;
   8-14                    (D)  the goals, objectives, and outcome measures
   8-15  for the project;
   8-16                    (E)  the proposed curriculum for the project; and
   8-17                    (F)  the projected cost per person enrolled,
   8-18  trained, hired and retained in employment.
   8-19        (e)  CONTRACTS.  (1)  The executive director shall approve
   8-20  any project that meets all of the requirements of this section and,
   8-21  if funds are available, enter into a contract with the applicant
   8-22  and, if the applicant is other than an employer, with the
   8-23  participating employer or employers.  The contract shall specify
   8-24  those skills and competencies to be gained as a result of the
   8-25  project.
    9-1              (2)  Reimbursable costs in the contract shall include
    9-2  only those expenses related to direct training in job-related basic
    9-3  skills (including literacy skills), job-related vocational skills,
    9-4  and administrative costs.  Total administrative costs for any
    9-5  particular project may not exceed ten percent (10%) of the grant
    9-6  award.
    9-7              (3)  If the applicant subcontracts for the provision of
    9-8  employment and training services, no more than ten percent (10%) of
    9-9  the moneys received by any provider shall be expended on indirect
   9-10  costs of providing the employment and training services.  Indirect
   9-11  costs shall include any administrative or overhead expense of the
   9-12  provider and shall be considered in calculating the total
   9-13  administrative costs under Subpart (2) of this subsection.
   9-14              (4)  The contract shall provide a schedule for payment
   9-15  of Smart Jobs Fund moneys, with no less than twenty-five percent
   9-16  (25%) of the grant being withheld until the trainees have been
   9-17  retained in employment for ninety (90) days after the completion of
   9-18  training.
   9-19        <(b)  In developing and conducting the program, the
   9-20  department shall:>
   9-21              <(1)  use existing educational facilities available
   9-22  through public school districts, technical institutes, public
   9-23  junior colleges, and public universities;>
   9-24              <(2)  solicit and receive the cooperation of the Texas
   9-25  Higher Education Coordinating Board, the Central Education Agency,
   10-1  the Texas Department of Human Services, and the Texas Employment
   10-2  Commission;>
   10-3              <(3)  Whenever acting in cooperation with another state
   10-4  agency to obtain recommendations of persons who meet the employee
   10-5  training needs of employers and where feasible, give priority to
   10-6  individuals who meet the following qualifications, in descending
   10-7  order of priority with (A) having the highest priority:>
   10-8                    <(A)  Texas residents having financial or other
   10-9  aid through a state or federal assistance program such as, but not
  10-10  limited to, Aid to Families with Dependent Children (42 U.S.C.
  10-11  Section 601 et seq.), Food Stamps (7 U.S.C. Section 2011 et seq.),
  10-12  and Unemployment Compensation (42 U.S.C. Section 501 et seq.);>
  10-13                    <(B)  unemployed Texas residents; and>
  10-14                    <(C)  all other Texas residents;>
  10-15              <(4)  attempt to maximize the availability and use of
  10-16  federal matching funds; and>
  10-17              <(5)  >
  10-18        (f)  ADMINISTRATION.  (1)  The executive director of the
  10-19  department shall administer the Smart Jobs Fund program.  The
  10-20  executive director may employ other employees necessary to
  10-21  administer the program.
  10-22              (2)  Moneys in the Smart Jobs Fund may be used for the
  10-23  administration, marketing and evaluation of the program.  These
  10-24  costs may not exceed five percent (5%) of the total available
  10-25  expenditures of the program in any year.
   11-1              (3)  The executive director shall report to the
   11-2  governor and the legislature at the end of each fiscal year on the
   11-3  status of the program, including the following information for that
   11-4  year:
   11-5                    (A)  the number of employers receiving grants
   11-6  under the program, and the total amount of the grants awarded;
   11-7                    (B)  the number of small businesses as defined in
   11-8  Section 481.101(3) of the Texas Government Code receiving grants
   11-9  under the program, and the total amount of the grants awarded;
  11-10                    (C)  the number of businesses in enterprise zones
  11-11  as defined in Article 5190.7, Vernon's Texas Civil Statutes,
  11-12  receiving grants under the program, and the total amount of the
  11-13  grants awarded;
  11-14                    (D)  the geographical distribution of employers
  11-15  receiving grants under the program;
  11-16                    (E)  the total number of jobs created, enhanced
  11-17  or retained under the program;
  11-18                    (F)  the number of individuals employed <served>,
  11-19  by category, in the priority groups specified in <Subdivision (3)>
  11-20  Subpart (c)(5) of this <subsection.> section, as a results of this
  11-21  program;
  11-22                    (G)  the wage levels of trainees entering or
  11-23  returning to the workforce, broken down by current employees
  11-24  undergoing retraining and new hires, both at three months and at
  11-25  one year after the conclusion of their training;
   12-1                    (H)  the number and percentage of participating
   12-2  employers that provide workers' compensation insurance, and the
   12-3  number and percentage of employees covered;
   12-4                    (I)  the number and percentage of participating
   12-5  employers that offer health care insurance coverage, and the number
   12-6  and percentage of employees covered;
   12-7                    (J)  the number and percentage of women- and
   12-8  minority-owned employers receiving grants under the program, and
   12-9  the total amount of the grants awarded;
  12-10                    (K)  the number and percentage of women and
  12-11  minority trainees participating in training projects; and
  12-12                    (L)  the number and percentage of historically
  12-13  underutilized private providers utilized by employers in training
  12-14  projects.
  12-15        <c  The department, after consultation with the Central
  12-16  Education Agency, may;>
  12-17              <(1)  provide preemployment and developmental training
  12-18  to provide employment opportunities in new or expanding industries;>
  12-19              <(2)  provide preemployment and developmental training
  12-20  to provide  civilian employment opportunities with federal military
  12-21  reservations in this state;>
  12-22              <(3)  conduct industrial training seminars in
  12-23  conjunction with public or private employers;>
  12-24              <(4)  provide skill upgrades in conjunction with public
  12-25  or private employers for currently employed work force that are
   13-1  necessary for the members of the work force to retain their jobs;
   13-2  and>
   13-3              <(5)  adopt rules or take other actions considered
   13-4  necessary by the department to fully implement this section.>
   13-5        <(d)  A public secondary school, technical institute, junior
   13-6  college, or university may request the department to establish at
   13-7  the educational institution industrial training courses that are
   13-8  designed to meet the employee training needs of employers,
   13-9  including federal military reservations, located in the geographic
  13-10  area of the institution.  The department may exercise its
  13-11  discretion in determining whether to establish a course.  To
  13-12  qualify for the creation of a course, the institution must
  13-13  reasonably foresee a hiring requirement in the specific skill to be
  13-14  taught.>
  13-15        <(e)>(g)  The department may not exercise the powers or
  13-16  perform the duties provided by this section unless <the legislature
  13-17  specifically appropriates funds for that purpose> there is a
  13-18  balance in the Smart Jobs Fund as provided by Section 9-E(c) of the
  13-19  Texas Unemployment Compensation Act (Article 5221b-1 et seq.,
  13-20  Vernon's Texas Civil Statutes).
  13-21                              ARTICLE II.
  13-22        SECTION 2.01.  The Texas Unemployment Compensation Act
  13-23  (Article 5221b-1 et seq., Vernon's Texas Civil Statutes) is amended
  13-24  by adding Section 9-E to read as follows:
  13-25        Section 9-E.  In addition to any taxes imposed by this Act,
   14-1  there is hereby levied on each regular taxed employer a separate
   14-2  and additional assessment of 0.1 percent of wages as defined by
   14-3  Subsection 19(n) of this Act.  The assessment shall be known as the
   14-4  Employment Training Investment Assessment and shall be deposited by
   14-5  the Commission into the Holding Fund created in Subsection (a) of
   14-6  this section.  The assessment shall be due at the same time, shall
   14-7  be collected in the same manner, and shall be subject to the same
   14-8  penalties and interest as the Unemployment Tax.
   14-9        (a)  The Holding Fund is established.  The Holding Fund is a
  14-10  special trust fund in the custody of the State Treasurer separate
  14-11  and apart from all public moneys or funds of this State.  Interest
  14-12  accruing in the Holding Fund shall be deposited on a quarterly
  14-13  basis directly into the Unemployment Compensation Fund.
  14-14        (b)  The Smart Jobs Fund is established.  The Smart Jobs Fund
  14-15  is a special trust fund in the custody of the State Treasurer
  14-16  separate and apart from all public moneys or funds of this State.
  14-17  Interest accruing in the Smart Jobs Fund shall be deposited on a
  14-18  quarterly basis directly into the Unemployment Compensation Fund.
  14-19        (c)  If on September 1 of any calendar year it appears to the
  14-20  Commission that the amount in the Unemployment Compensation Fund
  14-21  will be above one hundred percent (100%) of its floor as computed
  14-22  in paragraph 7(c)(6)(B) of this Act on the next October 1
  14-23  computation date, the Commission shall deposit the amount in the
  14-24  Holding Fund in the Smart Jobs Fund in Subsection (b) of this
  14-25  section and this amount shall be used for the purposes described in
   15-1  Section 481.076 of the Texas Government Code.
   15-2        (d)  If on September 1 of any calendar year it appears to the
   15-3  Commission that the amount in the Unemployment Compensation Fund
   15-4  will be at or below one hundred percent (100%) of its floor as
   15-5  computed in paragraph 7(c)(6)(B) of this Act on the next October 1
   15-6  computation date, the Commission shall deposit as much of the
   15-7  amount in the Holding Fund as is necessary to raise the amount in
   15-8  the Unemployment Compensation Fund to one hundred percent (100%) of
   15-9  its floor, up to and including the entire amount in the Holding
  15-10  Fund.  The Commission shall deposit any balance remaining in the
  15-11  Holding Fund in the Smart Jobs Fund and this amount shall be used
  15-12  for the purposes described in Section 481.076 of the Texas
  15-13  Government Code.
  15-14        (e)  If during any three consecutive months the balance in
  15-15  the Smart Jobs Fund exceeds 0.15 percent of the total taxable wages
  15-16  for the four calendar quarters ending the preceding June 30, the
  15-17  executive director of the Department of Commerce shall immediately
  15-18  transfer the excess to the Unemployment Compensation Fund.
  15-19        SECTION 2.02.  Subdivision (8), Subsection (c), Section 7,
  15-20  the Texas Unemployment Compensation Act (Article 5221b-5(c)(8),
  15-21  Vernon's Texas Civil Statutes) is amended to read as follows:
  15-22        (8)  In addition to the general rate provided by Subdivision
  15-23  (6) of this subsection, each employer entitled to an experience
  15-24  rate shall pay a replenishment tax at a rate, equal to a
  15-25  percentage, stated to the nearest hundredth, computed in <derived
   16-1  from> the following manner. <numerator and denominator.  The
   16-2  numerator is an>  An amount equal to one-half of the amount of
   16-3  benefits paid during the twelve (12) months ending the preceding
   16-4  September 30 that are not charged to an employer's account, that
   16-5  are charged to employers' accounts after the employers have reached
   16-6  maximum liability because of the maximum tax rate, or that are
   16-7  charged but considered not collectible<.  The denominator> is
   16-8  divided by an amount equal to the total taxable wages for the four
   16-9  quarters ending the preceding June 30.  The quotient thus computed
  16-10  shall be diminished by subtracting .1.  The remainder shall be the
  16-11  replenishment tax rate.
  16-12        SECTION 2.03.  Subsection (b), Section 7, the Texas
  16-13  Unemployment Compensation Act (Article 5221b-5(b), Vernon's Texas
  16-14  Civil Statutes) is amended to read as follows:
  16-15        (b)  Rate of contributions:  Each employer shall pay
  16-16  contributions equal to <two and seven tenths percentum (2 7/10%)>
  16-17  two and six tenths percent (2 6/10%) of wages paid by him with
  16-18  respect to employment, except as provided in subsection (c) of this
  16-19  Section.
  16-20        SECTION 2.04.  Subdivision (1), Subsection (c), Section 7,
  16-21  the Texas Unemployment Compensation Act (Article 5221b-5(b)(1),
  16-22  Vernon's Texas Civil Statutes) is amended to read as follows:
  16-23        (1)  <As of October 1 of each year, the Commission shall
  16-24  establish by industry an average contribution rate for the
  16-25  immediately succeeding calendar year fort each Major Group listed
   17-1  in the Standard Industrial Classification Manual published by the
   17-2  United States Office of Management and Budget.  The Commission
   17-3  shall establish the annual contribution rate paid by employers for
   17-4  a particular industry by computing the contribution rates paid by
   17-5  employers in that industry over the preceding year ending
   17-6  September 30, based on the employment records maintained by the
   17-7  Commission.  The Commission shall assign each employer to a Major
   17-8  Group in accordance with the definitions contained in the manual.
   17-9  An employer shall pay contributions for the calendar year in which
  17-10  the person becomes an employer at the rate established for that
  17-11  year for the Major Group to which the employer is assigned, or at
  17-12  two and seven tenths percent (2.7%) of the taxable wages paid by
  17-13  the employer, whichever rate is greater,>  Each employer's
  17-14  contribution rate shall be two and six tenths percent (2.6%) until
  17-15  his account has been chargeable with benefits throughout each
  17-16  calendar month of the four (4) consecutive calendar quarters
  17-17  immediately preceding the date as of which such employer's rate is
  17-18  determined.  The contribution rate of each employer who has had at
  17-19  least four (4) such calendar quarters of compensation experience
  17-20  shall be determined as provided below.<; except that the
  17-21  contribution rate of any employing unit which becomes an employer
  17-22  for the first time during the calendar year 1972, other than one
  17-23  which first becomes an employer because of the provisions of
  17-24  subsection 19(f)(2) of this Act, shall be one percent (1%) rather
  17-25  than two and seven tenths percent (2.7%) until such time as his
   18-1  account has been chargeable with benefits for four (4) consecutive
   18-2  calendar quarters and an experience rate is computed for him in
   18-3  accordance with this Act.>
   18-4                             ARTICLE III.
   18-5        SECTION 3.01.  EFFECTIVE DATES.  Article I of this Act takes
   18-6  effect on June 1, 1994.  Article II of this Act takes effect on
   18-7  September 1, 1993, and the assessment imposed in Section 2.01
   18-8  applies to wages paid on or after January 1, 1994.
   18-9        SECTION 3.02.  TRANSITION.  (a)  Balances remaining in the
  18-10  Workforce Development Incentive program after the effective date of
  18-11  Article I of this Act will remain under the control of the Texas
  18-12  Department of Commerce until such time as they are fully obligated
  18-13  and expended.
  18-14        (b)  If on June 1, 1994, it appears to the Commission that
  18-15  the amount in the Unemployment Compensation Fund will be above one
  18-16  hundred percent (100%) of its floor as computed in paragraph
  18-17  7(c)(6)(B) of the Texas Unemployment Compensation Act (Article
  18-18  5221b-1 et seq., Vernon's Texas Civil Statutes) on the next
  18-19  October 1 computation date, the Commission shall immediately
  18-20  transfer from the Holding Fund established in Section 2.01 of this
  18-21  Act into the Smart Jobs Fund established in Section 2.01 of this
  18-22  Act an amount equal to twenty-five percent (25%) of the anticipated
  18-23  balance in the Holding Fund as of September 1, 1994.
  18-24        SECTION 3.03.  Unless continued in existence by an act of the
  18-25  Legislature, this Act expires September 1, 1999.
   19-1        SECTION 3.03.  EMERGENCY.  The importance of this legislation
   19-2  and the crowded condition of the calendars in both houses create an
   19-3  emergency and an imperative public necessity that the
   19-4  constitutional rule requiring bills to be read on three several
   19-5  days in each house be suspended, and this rule is hereby suspended.