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§ 107.005. PAYMENT OF OBLIGATIONS. An obligation issued under Section 107.003 may be made payable by the municipality from: (1) the fund from which compensation is paid to its officers and employees; (2) its general fund; or (3) taxes, revenues, both taxes and revenues, or any other source or combination of sources of money that the municipality may use under state law to secure or pay any kind of bond or obligation. Added by Acts 2003, 78th Leg., ch. 1271, § 1, Sept. 1, 2003.

Section: Previous 106.002 106.003 106.004 107.001 107.002. DEFINITION OF "PUBLIC PENSION FUND." In this chapter, "public pension fund": (1) means a continuing, organized program or plan of service retirement, disability retirement, or death benefits for officers or employees of a municipality; (2) includes a plan qualified under Section 401(a), Internal Revenue Code of 1986, as amended; and (3) does not include: (A) a program that provides only workers' compensation benefits; (B) a program administered by the federal government; (C) a plan described by Section 401(d), Internal Revenue Code of 1986, as amended; (D) an individual retirement account consisting of an annuity contract described by Section 403(b), Internal Revenue Code of 1986, as amended; (E) an individual retirement account as defined by Section 408(a), Internal Revenue Code of 1986, as amended; (F) an individual retirement annuity as defined by Section 408(b), Internal Revenue Code of 1986, as amended; (G) an eligible deferred compensation plan as defined by Section 457(b), Internal Revenue Code of 1986, as amended; or (H) a program for which benefits are administered by a life insurance company or for which the only funding agency is a life insurance company. Added by Acts 2003, 78th Leg., ch. 1271, § 1, eff. Sept 107.003 107.004 107.005 107.006 107.007 107.008 107.009 111.001 111.002 111.003 Next

Last modified: August 10, 2007

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Texas Local Government Code - Section 107.005. Payment Of Obligations