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Relating to voter approval of the issuance of certain obligations by municipalities to pay their unfunded liabilities to a public pension fund.
No significant fiscal implication to the State is anticipated.
SB 957 would require voter approval for a municipality to issue pension fund obligations, in an amount that exceeds $50 million, used to fund all or any part of an unfunded liability.
Texas Action supports SB 957 as a promotes the principle of individual liberty and limited government. Large liabilities to the municipality and tax payers should be approved through the voting process to increase transparency and provide a check on the municipality's issuance of obligations.