Texas § LG.107.003 - PENSION FUND OBLIGATIONS AUTHORIZED
Full text of Texas The Texas Constitution § LG.107.003 — PENSION FUND OBLIGATIONS AUTHORIZED, with citation guidance and answers to common questions.
§ LG.107.003. PENSION FUND OBLIGATIONS AUTHORIZED
PENSION FUND OBLIGATIONS AUTHORIZED. (a) A municipality may issue obligations to fund all or any part of an unfunded liability. (b) Before authorizing issuance and delivery of an obligation under this section, the governing body of the municipality must enter into a written agreement with the governing body of the public retirement system that: (1) has fiduciary responsibility for assets of the public pension fund or public pension funds that are to receive the net proceeds of the obligations to be issued; and (2) has the duty to oversee the investment and expenditure of the assets of the public pension fund. (c) The written agreement must state the amount of the unfunded liability and the date or dates on which the public pension fund will accept the net proceeds of the obligations to be issued in payment of all or a portion of the unfunded liability. Added by Acts 2003, 78th Leg., ch. 1271, Sec. 1, eff. Sept. 1, 2003.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § LG.107.003
What does The Texas Constitution § LG.107.003 cover?
Section LG.107.003 ("PENSION FUND OBLIGATIONS AUTHORIZED") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § LG.107.003?
A common citation format is "The Texas Constitution § LG.107.003" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § LG.107.003 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.