Texas Labor Code - Section 203.256. Repayment Of Commission's Financial Obligations
Legal Research Home >
Texas Laws > Labor Code > Texas Labor Code - Section 203.256. Repayment Of Commission's Financial Obligations
Section: 203.202 203.203 203.251 203.252 203.253 203.254 203.255 203.256 203.257 203.258 203.259 203.260 203.261 203.262 204.001
§ 203.256. REPAYMENT OF COMMISSION'S FINANCIAL
OBLIGATIONS. (a) The commission shall assess an unemployment
obligation assessment annually on each employer entitled to an
experience rating under Chapter 204 if any bonds issued under this
subchapter are outstanding.
(b) With regard to outstanding bonds issued by the authority
under this subchapter, the authority shall notify the commission of
the amount of the bond obligations and the estimated amount of bond
administrative expenses each year in sufficient time, as determined
by the commission, to permit the commission to assess the annual
rate of the unemployment obligation assessment, subject to
verification by a financial advisor of the commission or as
otherwise specified in the proceedings authorizing the bonds.
(c) The commission shall deposit all revenue collected from
the unemployment obligation assessment into the obligation trust
fund. Money deposited in the fund may be invested as permitted by
general law. Money in the obligation trust fund required to be used
to pay bond obligations and bond administrative expenses shall be
transferred to the authority or used by the commission in the manner
and at the time specified in the resolution adopted in connection
with the bond issue to ensure timely payment of obligations and
expenses, or as otherwise provided by the bond documents.
(d) For bonds issued by the authority for the commission,
the commission shall provide for the payment of the bond
obligations and the bond administrative expenses by irrevocably
pledging revenues received from the unemployment obligation
assessment and amounts on deposit in the obligation trust fund,
together with any bond reserve fund, as provided in the proceedings
authorizing the bonds and related credit agreements.
Added by Acts 2003, 78th Leg., ch. 317, § 5, eff. June 18, 2003;
Acts 2003, 78th Leg., ch. 817, § 6.05, eff. June 20, 2003.
Last modified: August 11, 2007