Texas SB2904 allows certain large counties to issue obligations to pay unfunded liabilities to public retirement systems.

Texas SB2904 amends the Texas Government Code to allow counties with populations 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 first enter into a written agreement with the public retirement system's governing body. The issuance of obligations requires voter approval. The proceeds from these obligations must be deposited into the public retirement system's assets. The obligations can be sold at private or public sale and must mature within 30 years of issuance.

Texas SB2904 allows certain large counties to issue obligations to pay unfunded liabilities to public retirement systems.

Texas SB2904 amends the Texas Government Code to allow counties with populations 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 first enter into a written agreement with the public retirement system's governing body. The issuance of obligations requires voter approval. The proceeds from these obligations must be deposited into the public retirement system's assets. The obligations can be sold at private or public sale and must mature within 30 years of issuance.