Bill Text: TX HB2662 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to voter approval of the issuance of certain obligations by municipalities to pay their unfunded liabilities to a public pension fund.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-04-11 - Left pending in committee [HB2662 Detail]
Download: Texas-2019-HB2662-Introduced.html
86R2719 TSR-D | ||
By: Paul | H.B. No. 2662 |
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relating to voter approval of the issuance of certain obligations | ||
by municipalities to pay their unfunded liabilities to a public | ||
pension fund. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 107.003(a), Local Government Code, is | ||
amended to read as follows: | ||
(a) Subject to Section 107.0035, a [ |
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issue obligations to fund all or any part of an unfunded liability. | ||
SECTION 2. Chapter 107, Local Government Code, is amended | ||
by adding Section 107.0035 to read as follows: | ||
Sec. 107.0035. VOTER APPROVAL REQUIRED FOR CERTAIN PENSION | ||
FUND OBLIGATIONS. A municipality may issue an obligation under | ||
Section 107.003 in an amount that exceeds $50 million only if the | ||
issuance is approved by a majority of the qualified voters of the | ||
municipality voting at an election held for that purpose. | ||
SECTION 3. Section 107.0036, Local Government Code, is | ||
repealed. | ||
SECTION 4. Section 107.0035, Local Government Code, as | ||
added by this Act, applies only to obligations for which the | ||
governing body of a municipality executes an agreement under | ||
Section 107.003(b), Local Government Code, on or after the | ||
effective date of this Act. | ||
SECTION 5. This Act takes effect immediately if it receives | ||
a vote of two-thirds of all the members elected to each house, as | ||
provided by Section 39, Article III, Texas Constitution. If this | ||
Act does not receive the vote necessary for immediate effect, this | ||
Act takes effect September 1, 2019. |