Bill Text: TX SB957 | 2019-2020 | 86th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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 5-0)
Status: (Engrossed - Dead) 2019-04-22 - Committee report sent to Calendars [SB957 Detail]
Download: Texas-2019-SB957-Comm_Sub.html
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 5-0)
Status: (Engrossed - Dead) 2019-04-22 - Committee report sent to Calendars [SB957 Detail]
Download: Texas-2019-SB957-Comm_Sub.html
By: Bettencourt, Huffman | S.B. No. 957 | |
(In the Senate - Filed February 21, 2019; March 1, 2019, | ||
read first time and referred to Committee on State Affairs; | ||
March 27, 2019, reported favorably by the following vote: Yeas 7, | ||
Nays 2; March 27, 2019, sent to printer.) | ||
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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repealed.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. | ||
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