Texas Local Government Code 107.0036 – Voter Approval Required for Certain Pension Fund Obligations
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(a) This section applies only to a public pension fund subject to:
(1) Article 6243e.2(1), Revised Statutes;
(2) Chapter 88 (H.B. 1573), Acts of the 77th Legislature, Regular Session, 2001 (Article 6243h, Vernon’s Texas Civil Statutes); and
(3) Article 6243g-4, Revised Statutes.
(b) A municipality may issue an obligation under Section 107.003 to fund all or any part of the unfunded liability of a public pension fund subject to this section only if the issuance is approved by a majority of the qualified voters of the municipality voting at an election held for that purpose.
Terms Used In Texas Local Government Code 107.0036
- 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.