By Ramsay                                             H.B. No. 3049
         Line and page numbers may not match official copy.
         Bill not drafted by TLC or Senate E&E.
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the use of interest earned on motor vehicle inventory
 1-3     tax escrow accounts.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1. Section 23.122(c), Tax Code, is amended to read as
 1-6     follows:
 1-7           (c)  The collector shall maintain the escrow account for each
 1-8     owner in the county depository.  The collector is not required to
 1-9     maintain a separate account in the depository for each escrow
1-10     account created as provided by this section but shall maintain
1-11     separate records for each owner.  The collector shall retain any
1-12     interest generated by the escrow account to defray the cost of
1-13     administration of the prepayment procedure established by this
1-14     section.  Interest generated by an escrow account created as
1-15     provided by this section is the sole property of the collector, and
1-16     that interest may be used by no entity other than the collector.
1-17     Interest generated by an escrow account may not be used to reduce
1-18     or otherwise affect the annual appropriation to the collector that
1-19     would otherwise be made.  Interest generated by an escrow account
1-20     may not be used to supplement the salary, expenses, or allowances
1-21     of the collector.
1-22           SECTION 2.  This Act will take effect immediately if it
1-23     receives a vote of two-thirds of all the members elected to each
 2-1     house, as provided by Section 39, Article III, Texas Constitution.
 2-2     If this Act does not receive the vote necessary for immediate
 2-3     effect, this Act takes effect September 1, 2001.