TX SB2904

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

Requires voter approval by a majority of qualified voters at an election before any obligations can be issued

Mandates a written agreement between the county commissioners court and the retirement system governing body before issuing obligations, specifying the unfunded liability amount and payment dates

Prohibits using ad valorem (property) taxes to pay the obligations, but allows payment from employee compensation funds, general funds, sales and use tax revenues, or other legally permitted sources

Limits obligations to a maximum maturity of 30 years and allows counties to pledge anticipated sales and use tax revenue to secure payment for up to 30 years