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A BILL TO BE ENTITLED
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AN ACT
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relating to distributions from the employment and training |
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investment holding fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 204.123(a), Labor Code, is amended to |
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read as follows: |
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(a) If, on September 1 of a year, the commission determines |
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that the amount in the compensation fund will exceed 100 percent of |
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its floor as computed under Section 204.061 on the next October 1 |
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computation date, the commission shall transfer from the holding |
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fund created under Section 204.122: |
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(1) from the first $160 million deposited in the |
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holding fund in any state fiscal biennium: |
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(A) [during the state fiscal biennium ending
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August 31, 2007:
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[(i)] 67 percent to the Texas Enterprise Fund |
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created under Section 481.078, Government Code, except that the |
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amount transferred under this paragraph may not exceed the amount |
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appropriated by the legislature to the Texas Enterprise Fund in |
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that biennium; and |
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(B) [(ii)] 33 percent to the skills development |
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fund created under Section 303.003, except that the amount |
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transferred under this paragraph may not exceed the amount |
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appropriated by the legislature to the skills development program |
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strategies and activities in that biennium; and |
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[(B) during any state fiscal biennium beginning
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on or after September 1, 2007:
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[(i) 75 percent to the Texas Enterprise
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Fund created under Section 481.078, Government Code, except that
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the amount transferred under this paragraph may not exceed the
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amount appropriated by the legislature to the Texas Enterprise Fund
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in that biennium; and
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[(ii) 25 percent to the skills development
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fund created under Section 303.003, except that the amount
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transferred under this paragraph may not exceed the amount
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appropriated by the legislature to the skills development program
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strategies and activities in that biennium; and] |
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(2) any remaining amount in the holding fund after the |
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distribution under Subdivision (1) to the training stabilization |
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fund created under Section 302.101. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |