Texas HB4461 allows certain large counties to issue obligations to fund unfunded liabilities to public retirement systems.

Texas HB4461 amends the Texas Government Code to allow counties with a population of 800,000 or more, adjacent to a county with a population of four million or more, to issue obligations to fund unfunded liabilities to public retirement systems. The county must enter into a written agreement with the public retirement system before issuing obligations. The county must also obtain voter approval before issuing obligations. The proceeds from the obligations must be deposited to the credit of the public retirement system.

Texas HB4461 allows certain large counties to issue obligations to fund unfunded liabilities to public retirement systems.

Texas HB4461 amends the Texas Government Code to allow counties with a population of 800,000 or more, adjacent to a county with a population of four million or more, to issue obligations to fund unfunded liabilities to public retirement systems. The county must enter into a written agreement with the public retirement system before issuing obligations. The county must also obtain voter approval before issuing obligations. The proceeds from the obligations must be deposited to the credit of the public retirement system.