87R836 JCG-D     By: Bettencourt S.B. No. 1620       A BILL TO BE ENTITLED   AN ACT   relating to voter approval of the issuance of certain obligations   by municipalities to pay their unfunded liabilities to a public   pension fund.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 107.003(a), Local Government Code, is   amended to read as follows:          (a)  Subject to Section 107.0035, a [A] municipality may   issue obligations to fund all or any part of an unfunded liability.          SECTION 2.  Chapter 107, Local Government Code, is amended   by adding Section 107.0035 to read as follows:          Sec. 107.0035.  VOTER APPROVAL REQUIRED FOR CERTAIN PENSION   FUND OBLIGATIONS. A municipality may issue an obligation under   Section 107.003 in an amount that exceeds $50 million only if the   issuance is approved by a majority of the qualified voters of the   municipality voting at an election held for that purpose.          SECTION 3.  Section 107.0036, Local Government Code, is   repealed.          SECTION 4.  Section 107.0035, Local Government Code, as   added by this Act, applies only to obligations for which the   governing body of a municipality executes an agreement under   Section 107.003(b), Local Government Code, on or after the   effective date of this Act.          SECTION 5.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution. If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2021.