| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 84R6580 JTS-F | |
| 2 | 2 | By: Geren H.B. No. 1401 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the issuance of bonds by certain municipalities jointly | |
| 8 | 8 | operating an airport to fund a public pension fund. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Subchapter D, Chapter 22, Transportation Code, | |
| 11 | 11 | is amended by adding Section 22.0735 to read as follows: | |
| 12 | 12 | Sec. 22.0735. BONDS TO FUND PENSION LIABILITIES. (a) In | |
| 13 | 13 | this section, "unfunded liability" and "public pension fund" have | |
| 14 | 14 | the meanings assigned by Chapter 107, Local Government Code. | |
| 15 | 15 | (b) A constituent agency that is a populous home-rule | |
| 16 | 16 | municipality may issue bonds in the form and manner, and secured in | |
| 17 | 17 | the manner, described by Section 22.052 to fund all or part of the | |
| 18 | 18 | unfunded liability of the constituent agency or the joint board to a | |
| 19 | 19 | public pension fund. | |
| 20 | 20 | (c) The net proceeds of bonds issued under Subsection (b) | |
| 21 | 21 | shall be deposited to the credit of the public pension fund for | |
| 22 | 22 | which the bonds were issued and become part of the assets of that | |
| 23 | 23 | fund. | |
| 24 | 24 | SECTION 2. This Act takes effect immediately if it receives | |
| 25 | 25 | a vote of two-thirds of all the members elected to each house, as | |
| 26 | 26 | provided by Section 39, Article III, Texas Constitution. If this | |
| 27 | 27 | Act does not receive the vote necessary for immediate effect, this | |
| 28 | 28 | Act takes effect September 1, 2015. |