TITLE: Relating to the issuance of bonds by certain municipalities jointly operating an airport to fund a public pension fund.

SUMMARY: Relating to the issuance of bonds by certain municipalities jointly operating an airport to fund a public pension fund.

FULL TEXT:
AN ACT relating to the issuance of bonds by certain municipalities jointly operating an airport to fund a public pension fund. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter D, Chapter 22, Transportation Code, is amended by adding Section 22.0735 to read as follows: Sec. 22.0735. BONDS TO FUND PENSION LIABILITIES. (a) In this section, "unfunded liability" and "public pension fund" have the meanings assigned by Chapter 107, Local Government Code. (b) A constituent agency that is a populous home-rule municipality may issue bonds in the form and manner, and secured in the manner, described by Section 22.052 to fund all or part of the unfunded liability of the constituent agency or the joint board to a public pension fund. (c) The net proceeds of bonds issued under Subsection (b) shall be deposited to the credit of the public pension fund for which the bonds were issued and become part of the assets of that fund. SECTION 2. 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.