Tex. Gov't Code Section 855.105
Indebtedness; Payment

(a)

The board of trustees may:

(1)

incur indebtedness;

(2)

on the credit of the retirement system, borrow money to pay expenses incident to the system’s operation;

(3)

renew, extend, or refund its indebtedness; or

(4)

issue and sell negotiable promissory notes or negotiable bonds of the retirement system.

(b)

A note or bond issued under this section must mature before the 20th anniversary of the issuance of the note or bond. The rate of interest on the note or bond may not exceed six percent a year.

(c)

The board shall charge a note or bond issued under this section against the system’s expense fund and shall pay the note or bond from that fund. The total indebtedness against the expense fund may not exceed $75,000 at any time.

(d)

A note or bond issued under this section must expressly state that the note or bond is not an obligation of this state.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Renumbered from Vernon’s Ann.Civ.St. Title 110B, Sec. 65.105 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.

Source: Section 855.105 — Indebtedness; Payment, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­855.­htm#855.­105 (accessed Jun. 5, 2024).

855.001
Composition of Board of Trustees 855.002
Appointment 855.003
Eligibility 855.004
Term of Office 855.005
Oath of Office 855.007
Meetings 855.008
Compensation 855.009
Voting 855.101
Administration 855.102
Rulemaking 855.103
Administering System Assets 855.104
Accepting Gift, Grant, or Bequest 855.105
Indebtedness 855.106
Grants and Payment of Benefits 855.107
Audit 855.108
Designation of Authority to Sign Vouchers 855.109
Depositories 855.110
Adopting Rates and Tables 855.111
Certification of Rates 855.112
Records 855.113
Office 855.114
Obtaining Information 855.115
Confidentiality of Information About Members, Retirees, Annuitants, or Beneficiaries 855.116
Electronic Information 855.201
Executive Director 855.202
Legal Representation 855.203
Medical Board 855.204
Other Physicians 855.205
Actuary 855.206
Other Employees 855.207
Compensation of Employees 855.301
Investment of Assets 855.303
Prudence Regarding Investments 855.304
Cash on Hand 855.305
Crediting System Assets 855.306
Member’s Individual Account 855.307
Benefit Accumulation Fund: Current Service 855.308
Benefit Accumulation Fund: Prior Service 855.310
Interest Fund 855.311
Endowment Fund 855.312
Expense Fund 855.313
Supplemental Disability Benefits Fund 855.314
Supplemental Death Benefits Fund 855.315
Disbursements 855.316
Interest Rates and Crediting 855.317
Annual Allocation of Net Investment Income or Loss from Interest Fund 855.319
Payment to Formerly Participating Municipality 855.401
Member Contributions 855.402
Collection of Member Contributions 855.403
Collection of Municipality Contributions 855.404
Municipality Expense Contribution 855.405
Municipality Normal Contribution 855.406
Municipality Prior Service Contribution 855.407
Limitation on Municipality Contribution Rates 855.408
Municipality Supplemental Death Benefits Contribution 855.410
Interest on Late Contributions 855.501
Increased Current Service Annuities 855.502
Supplemental Death Benefits Program 855.601
Statement of Amount in Account 855.602
Interest in Assets 855.603
Forfeiture of Contributions 855.604
Merger 855.605
Participation of Members of Fire Department 855.606
Appeal of Administrative Decision 855.607
Plan Qualification 855.608
Full Benefit Arrangement 855.3011
Securities Lending 855.4065
Additional Employer Contributions
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 855.105’s source at texas​.gov