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. 1-29 * * * * *