TX HB4461

Authorizes counties with populations of 800,000 or more that are adjacent to counties with populations of 4 million or more to issue bonds, certificates, notes, or other obligations to fund unfunded pension liabilities to public retirement systems

Requires voter approval by a majority of qualified voters before the county can issue such obligations

Mandates a written agreement between the county commissioners court and the retirement system's governing body specifying the unfunded liability amount and payment dates before obligations can be issued

Prohibits using ad valorem (property) taxes to pay the obligations, but allows payment from the county's general fund, compensation fund, or sales and use tax revenues pledged for up to 30 years

Obligations must mature within 30 years of issuance and may be sold through private or public sale; the bill takes effect immediately with two-thirds legislative vote or September 1, 2025