Tex. Lab. Code § 203.255 · Subchapter F. ISSUANCE OF FINANCIAL OBLIGATIONS FOR UNEMPLOYMENT COMPENSATION FUND
BOND PROCEEDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The proceeds of bonds issued by the authority under this subchapter may be deposited with a trustee selected by the authority and the commission or held by the comptroller in a dedicated trust fund outside the state treasury in the custody of the comptroller.
(b) Bond proceeds, including investment income, shall be held in trust for the exclusive use and benefit of the commission. The commission may use the proceeds to:
(1) repay the principal and interest of previous advances from the federal trust fund;
(2) pay unemployment benefits by depositing the proceeds in the unemployment compensation fund, as defined in Subchapter B;
(3) pay the costs of issuing the bonds;
(4) provide a bond reserve; and
(5) pay capitalized interest on the bonds for the period determined necessary by the commission, not to exceed two years.
(c) Any excess money remaining after the purposes for which the bonds were issued is satisfied may be used to purchase or redeem outstanding bonds.
(d) If there are no outstanding bonds or bond interest to be paid, the remaining proceeds shall be transferred to the unemployment compensation fund.
Notes and commentary — not statutory text
History
Added by Acts 2003, 78th Leg., ch. 317, Sec. 5, eff. June 18, 2003; Acts 2003, 78th Leg., ch. 817, Sec. 6.05, eff. June 20, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/LA/htm/LA.203.htm
- Text hash
- sha256 776861dead38de480ba0dbb86b82a3778259ba570aa271abd3866a44fc27ec11
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 1 provision
Provisions in this library whose text cites Tex. Lab. Code § 203.255. Each shows the citation as that text prints it.
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