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A BILL TO BE ENTITLED
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AN ACT
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relating to voter approval of obligations for certain municipal |
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liabilities to 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. Chapter 107, Local Government Code, is amended |
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by adding Section 107.0035 to read as follows: |
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Sec. 107.0035. VOTER APPROVAL REQUIRED FOR PENSION FUND |
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OBLIGATIONS. A municipality may issue an obligation under Section |
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107.003 only if the issuance is approved by a majority of the |
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qualified voters of the municipality voting at an election held for |
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that purpose. |
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SECTION 2. Section 107.0035, Local Government Code, as |
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added by this Act, applies only to obligations for which the |
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governing body of a municipality executes an agreement under |
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Section 107.003(b), Local Government Code, on or after the |
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effective date of this Act. |
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SECTION 3. 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, 2017. |