Tex. Loc. Gov't Code § 107.003 · Chapter 107. OBLIGATIONS FOR CERTAIN LIABILITIES TO PUBLIC PENSION FUNDS OF A MUNICIPALITY
PENSION FUND OBLIGATIONS AUTHORIZED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A municipality may issue obligations to fund all or any part of an unfunded liability.
(b) Before authorizing issuance and delivery of an obligation under this section, the governing body of the municipality must enter into a written agreement with the governing body of the public retirement system that:
(1) has fiduciary responsibility for assets of the public pension fund or public pension funds that are to receive the net proceeds of the obligations to be issued; and
(2) has the duty to oversee the investment and expenditure of the assets of the public pension fund.
(c) The written agreement must state the amount of the unfunded liability and the date or dates on which the public pension fund will accept the net proceeds of the obligations to be issued in payment of all or a portion of the unfunded liability.
Notes and commentary — not statutory text
History
Added by Acts 2003, 78th Leg., ch. 1271, Sec. 1, eff. Sept. 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/LG/htm/LG.107.htm
- Text hash
- sha256 6125b8e394659e7773619ff1a544a4a8a2adb2420f366e9c47c00dcbeca6935f
- 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 6 provisions
Provisions in this library whose text cites Tex. Loc. Gov't Code § 107.003. Each shows the citation as that text prints it.
Local Government Code
- Tex. Loc. Gov't Code § 107.0036VOTER APPROVAL REQUIRED FOR CERTAIN PENSION FUND OBLIGATIONS.Printed as Section 107.003
- Tex. Loc. Gov't Code § 107.004PROCEEDS OF OBLIGATIONS ISSUED.Printed as Section 107.003
- Tex. Loc. Gov't Code § 107.005PAYMENT OF OBLIGATIONS.Printed as Section 107.003
- Tex. Loc. Gov't Code § 107.006OBLIGATION AS REFINANCING.Printed as Section 107.003
- Tex. Loc. Gov't Code § 107.007SALE OF OBLIGATIONS; MATURITY.Printed as Section 107.003
- Tex. Loc. Gov't Code § 107.008ADDITIONAL AUTHORITY; CREDIT AGREEMENTS.Printed as Section 107.003
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.