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Texas Local Government Code - Chapter 107 Obligations For Certain Liabilities To Public Pension
Funds Of A Municipality
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Funds Of A Municipality
Texas Local Government Code Section 107.001 - Definitions
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 ...
Texas Local Government Code Section 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 - 1, 2003
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Texas Local Government Code Section 107.003 - Pension Fund Obligations Authorized
(a) A municipality may issue obligations to fund all or any part of an unfunded liability. (b) Before authorizing issuance and delivery of an obligation ...
Texas Local Government Code Section 107.004 - Proceeds Of Obligations Issued
The municipality shall deposit the net proceeds of obligations issued under Section 107.003 to the credit of the public pension fund. The amount deposited under ...
Texas Local Government Code Section 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 ...
Texas Local Government Code Section 107.006 - Obligation As Refinancing
An obligation issued under Section 107.003 is a complete or partial refinancing of a commitment of the municipality to fund its unfunded liability. Added by ...
Texas Local Government Code Section 107.007 - Sale Of Obligations; Maturity
Obligations issued under Section 107.003 may be sold at private or public sale and must mature not later than the 30th anniversary of the date ...
Texas Local Government Code Section 107.008 - Additional Authority; Credit Agreements
(a) In this section, "credit agreement" and "obligation" have the meanings assigned by Section 1371.001, Government Code. (b) The governing body of a municipality that ...
Texas Local Government Code Section 107.009 - Chapter Controlling
This chapter prevails over any conflict between this chapter and: (1) another law respecting the issuance of obligations of a municipality; or (2) a municipal ...
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Last modified: August 10, 2007
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