By: Harris of Tarrant S.B. No. 363
A BILL TO BE ENTITLED
AN ACT
1-1 relating to the use of the Advance Interest Trust Fund to fund
1-2 certain programs administered by the Texas Employment Commission.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Subsection (a), Section 9c, Texas Unemployment
1-5 Compensation Act (Article 5221b-7c, Vernon's Texas Civil Statutes),
1-6 is amended to read as follows:
1-7 (a) The Advance Interest Trust Fund is established. The
1-8 fund is a trust fund in the custody of the State Treasurer and may
1-9 be used without appropriation by the Governor for the purpose of
1-10 paying interest incurred on advances from the federal Unemployment
1-11 Trust Fund, incurred on any bonds issued to reduce or avoid federal
1-12 advances to the unemployment compensation fund, and to repay
1-13 temporary transfers of surplus cash which may be made between this
1-14 fund and other funds. The State Treasurer and the Comptroller
1-15 shall transfer all income earned after April 1, 1983 <September 1,
1-16 1988>, from investment of the fund to the Unemployment Compensation
1-17 Special Administration Fund for the administration of the pay day
1-18 law (Article 5155, Revised Statutes), Texas Minimum Wage Act
1-19 (Article 5159d, Vernon's Texas Civil Statutes), and the child labor
1-20 law, Chapter 531, Acts of the 67th Legislature, Regular Session,
1-21 1981 (Article 5181.1, Vernon's Texas Civil Statutes). If the
1-22 Governor, upon the advice of the Commission, determines that funds
1-23 in the unemployment compensation fund will be depleted at the time
1-24 payment on an advance from the federal Unemployment Trust Fund is
2-1 due, and that depletion of the funds will cause the loss of some
2-2 portion of the credit received by employers against their federal
2-3 unemployment tax rate, or if the Governor determines that payment
2-4 of interest on a federal loan can be avoided by keeping the balance
2-5 of the unemployment compensation fund positive, the Governor may
2-6 authorize the Commission to transfer money from the Advance
2-7 Interest Trust Fund to the unemployment compensation fund.
2-8 SECTION 2. The importance of this legislation and the
2-9 crowded condition of the calendars in both houses create an
2-10 emergency and an imperative public necessity that the
2-11 constitutional rule requiring bills to be read on three several
2-12 days in each house be suspended, and this rule is hereby suspended,
2-13 and that this Act take effect and be in force from and after its
2-14 passage, and it is so enacted.