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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

§ 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