Texas Local Government Code 107.001 – Definitions
Current as of: 2024 | Check for updates
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Terms Used In Texas Local Government Code 107.001
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
In this chapter:
(1) “Obligation” includes a bond, certificate, note, or book entry obligation.
(2) “Unfunded liability” means an unfunded, accrued liability of a municipality to a public pension fund as determined by actuarial analysis.