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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance of bonds by certain municipalities jointly |
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operating an airport to fund a public pension fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter D, Chapter 22, Transportation Code, |
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is amended by adding Section 22.0735 to read as follows: |
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Sec. 22.0735. BONDS TO FUND PENSION LIABILITIES. (a) In |
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this section, "unfunded liability" and "public pension fund" have |
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the meanings assigned by Chapter 107, Local Government Code. |
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(b) A constituent agency that is a populous home-rule |
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municipality may issue bonds in the form and manner, and secured in |
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the manner, described by Section 22.052 to fund all or part of the |
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unfunded liability of the constituent agency or the joint board to a |
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public pension fund. |
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(c) The net proceeds of bonds issued under Subsection (b) |
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shall be deposited to the credit of the public pension fund for |
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which the bonds were issued and become part of the assets of that |
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fund. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |