1-1           By:  Armbrister                                  S.B. No. 320

 1-2           (In the Senate - Filed January 28, 1997; February 3, 1997,

 1-3     read first time and referred to Committee on Jurisprudence;

 1-4     February 18, 1997, reported favorably by the following vote:  Yeas

 1-5     7, Nays 0; February 18, 1997, sent to printer.)

 1-6                            A BILL TO BE ENTITLED

 1-7                                   AN ACT

 1-8     relating to exempting officers and employees of political

 1-9     subdivisions of this state from certain interest payments in regard

1-10     to unclaimed property claims.

1-11           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

1-12           SECTION 1.  Section 74.705, Property Code, is amended by

1-13     adding Subsection (f) to read as follows:

1-14           (f)  A person is exempt from payment of interest under

1-15     Subsection (a) if the person's action or omission is in connection

1-16     with the person's official duties as an officer or employee of a

1-17     political subdivision of this state.

1-18           SECTION 2.  The exemption provided by Subsection (f), Section

1-19     74.705, Property Code, as added by this Act, applies only to

1-20     interest accruing under Subsection (a), Section 74.705, Property

1-21     Code, on or after the effective date of this Act.

1-22           SECTION 3.  The importance of this legislation and the

1-23     crowded condition of the calendars in both houses create an

1-24     emergency and an imperative public necessity that the

1-25     constitutional rule requiring bills to be read on three several

1-26     days in each house be suspended, and this rule is hereby suspended,

1-27     and that this Act take effect and be in force from and after its

1-28     passage, and it is so enacted.

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