Title GV, Government Code

Sec. 865.011. RECORDS AND REPORTS. (a) The executive director may at any reasonable time examine the: (1) records and accounts of a local board; and (2) membership records of a participating department head. (b) The executive director shall: (1) require in a timely manner periodi…

Sec. 865.0115. PARTICIPATING DEPARTMENT HEAD. (a) Except as provided by Subsection (b), the chief, designated leader, or other executive head of a participating department is the participating department head. (b) Subject to the approval of the executive director, the governing b…

Sec. 865.0116. PARTICIPATING DEPARTMENT HEAD'S DUTIES. The participating department head: (1) is responsible for: (A) enrolling new members in the pension system; and (B) maintaining current and accurate membership records; and (2) shall provide information to the pension system …

Sec. 865.012. LOCAL BOARD. (a) A local board is composed of: (1) one trustee selected by the governing body of the political subdivision; (2) except as provided by Subsection (a-1), three trustees who are active members representing a participating department chosen by a majority…

Sec. 865.0121. DELEGATION OF LOCAL BOARD DUTIES. The state board by rule may adopt a procedure by which the duties of a local board may be delegated to the executive director if: (1) trustees of the local board have not been appointed under Section 865.012(a) or (a-1); or (2) the…

Sec. 865.013. MONITORING OF CONTRIBUTION SUBMISSION. A local board shall monitor the timely submission of required contributions to the executive director. Added by Acts 2005, 79th Leg., Ch. 803 (S.B. 522), Sec. 1, eff. September 1, 2005. Amended by: Acts 2013, 83rd Leg., R.S., C…

Sec. 865.014. LOCAL CONTRIBUTIONS. (a) The governing body of a political subdivision shall contribute for each member performing emergency services or support services for the participating department for each month of service beginning on the date that the member enters the pens…

Sec. 865.015. STATE CONTRIBUTIONS. (a) The state shall contribute the amount necessary to make the pension system actuarially sound each year, except that for each fiscal year in which the legacy liability has not been fully paid, the state shall make an actuarially determined pa…

Sec. 865.016. ADMINISTRATIVE PENALTY. (a) The state board may impose an administrative penalty on a local board that fails to file a required report in a timely manner. (b) The amount of the penalty may not exceed $5,000. The amount shall be based on: (1) the seriousness of the v…

Sec. 865.017. INTERRUPTION OF PAYMENTS. (a) The pension system shall withhold payment of a monthly retirement annuity if a participating department attempts to provide information to the executive director relating to continued eligibility to receive the payments and the recipien…

Sec. 865.018. CERTIFICATION OF FUND. (a) In this section, "qualified actuary" means a fellow of the Society of Actuaries or a member of the American Academy of Actuaries who has at least five years of experience with public retirement systems. (b) The executive director and the s…

Sec. 865.019. CONFIDENTIALITY OF INFORMATION ABOUT MEMBERS, RETIREES, AND BENEFICIARIES. (a) Information contained in records that are in the custody of the pension system concerning an individual member, retiree, or beneficiary is confidential under Section 552.101 and may not b…

Sec. 865.020. MEDICAL BOARD. (a) The state board shall designate a medical board composed of three physicians. (b) To be eligible to serve as a member of the medical board, a physician must be licensed to practice medicine in the state and be of good standing in the medical profe…

Sec. 865.021. COMPLAINT FILES. (a) The pension system shall maintain a system to promptly and efficiently act on complaints filed with the system. The system shall maintain information about: (1) parties to the complaint; (2) the subject matter of the complaint; (3) a summary of …

Sec. 1201.001. SHORT TITLE. This chapter may be cited as the Public Security Procedures Act. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Sec. 1201.002. DEFINITIONS. In this chapter: (1) "Issuer" means: (A) an agency, authority, board, body politic, department, district, instrumentality, municipal corporation, political subdivision, public corporation, or subdivision of this state; or (B) a nonprofit corporation ac…

Sec. 1201.003. APPLICABILITY. This chapter applies to: (1) an original public security; (2) a refunding public security; (3) an exchanged or converted public security; or (4) any combination of those securities. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Sec. 1201.004. CONSTRUCTION. This chapter shall be liberally construed to achieve the legislative intent and purposes of this chapter. A power granted by this chapter shall be broadly interpreted to achieve that intent and those purposes. Added by Acts 1999, 76th Leg., ch. 227, S…

Sec. 1201.005. CONTENTS OF PUBLIC SECURITY AUTHORIZATION. To the extent applicable to an authorized public security, the public security authorization for the public security must contain each item or other matter authorized or described by Subchapter B and Sections 1201.061 and …

Sec. 1201.021. CHARACTERISTICS OF PUBLIC SECURITY. A public security may: (1) be issued in any denomination; (2) bear no interest or bear interest at one or more specified rates; (3) be issued with one or more interest coupons or without a coupon; (4) be issued as redeemable befo…

Sec. 1201.022. TERMS OF ISSUANCE. (a) A public security may be: (1) issued singly or in a series; (2) made payable in a specified amount or amounts or installments to: (A) the bearer; (B) a registered or named person; (C) the order of a registered or named person; or (D) a succes…

Sec. 1201.023. UNCERTIFICATED BOOK-ENTRY ISSUANCE. (a) The governing body of an issuer may provide for a book-entry record of ownership of a public security issued by the issuer. A public security may be issued in uncertificated book-entry form. (b) The record of ownership of a p…

Sec. 1201.024. FORM OF PUBLIC SECURITY. (a) A public security may be: (1) issued in a specified form or forms; (2) issued with one or more interest coupons; (3) registrable as to principal and interest or only as to principal; and (4) changed in form in a specific manner. (b) A p…

Sec. 1201.0245. CAPITAL APPRECIATION BONDS BY POLITICAL SUBDIVISIONS. (a) In this section, "capital appreciation bond" means a bond that accrues and compounds interest from its date of delivery, the interest on which by its terms is payable only upon maturity or prior redemption.…

Sec. 1201.025. RATE OF INTEREST. (a) An interest rate on a public security that bears interest may be fixed, variable, floating, adjustable, or computed by another method. (b) If an interest rate is not specified by the governing body of an issuer issuing a public security, the i…

Sec. 1201.026. EXECUTION OF PUBLIC SECURITY OR INTEREST COUPON. (a) A public security or an interest coupon may be executed, with or without a seal, with a manual or facsimile signature. (b) The signature on a public security or on an interest coupon of a person who is no longer …

Sec. 1201.027. AUTHORITY OF ISSUER TO CONTRACT FOR SERVICES. (a) An issuer has exclusive authority to select, contract with, and determine the basis for compensation of a person to provide legal and other services as may be determined by the issuer to be necessary in connection w…

Sec. 1201.028. SINGLE MEETING OF GOVERNING BODY SUFFICIENT. Notwithstanding any other law, including a provision in a municipal charter, the following actions taken at a meeting of the governing body of an issuer are effective immediately and a subsequent meeting is not required:…

Sec. 1201.029. COMMISSIONS NOT TO BE PAID FROM PRINCIPAL. In a public or private sale of public securities the principal amount of which is limited by law, by voted authorization, or by other means, for purposes of determining whether the principal amount of the public securities…

Sec. 1201.041. PUBLIC SECURITY AS NEGOTIABLE INSTRUMENT AND INVESTMENT SECURITY. A public security is: (1) a negotiable instrument; (2) an investment security to which Chapter 8, Business & Commerce Code, applies; and (3) a legal and authorized investment for: (A) an insurance co…

Sec. 1201.042. USE OF CERTAIN PROCEEDS. (a) An issuer may use the proceeds of a public security issued to finance the acquisition, construction, or improvement of a project or facility to: (1) pay interest on the public security while the project or facility is being acquired, co…

Sec. 1201.043. USE OF INVESTMENT INCOME. An issuer authorized to invest proceeds from the sale of a public security, including by placing the proceeds on time deposit, may use money earned from the investment for the purpose for which the public security was issued. Added by Acts…

Sec. 1201.044. PLEDGE OR LIEN ON RESOURCES, ASSETS, OR FUND OF ISSUER. (a) A pledge or lien provided for in a public security authorization on a resource of an issuer, including revenue or income, on an asset of an issuer, or on a fund maintained by an issuer: (1) is valid withou…

Sec. 1201.061. CONVERSION, RECONVERSION, TRANSFER, OR EXCHANGE OF PUBLIC SECURITY. (a) The governing body of an issuer may: (1) provide and covenant for: (A) conversion of one form of a public security or an interest coupon to another form or forms; and (B) reconversion of the pu…

Sec. 1201.062. CHANGE OR CONVERSION OF PUBLIC SECURITY. If a public security authorization provides a procedure for changing or converting a public security, an additional resolution, order, or ordinance is not required to change or convert the security. Added by Acts 1999, 76th …

Sec. 1201.063. EXECUTION AND EXCHANGE OF NEW PUBLIC SECURITY. (a) On request of the bearer or owner of a public security, if required or necessary, an appropriate officer of the issuer shall execute and exchange an appropriate new public security for the changed or converted publ…

Sec. 1201.064. SUBMISSION OF NEW PUBLIC SECURITY TO ATTORNEY GENERAL. Except as provided by Section 1201.067, an issuer that changes or converts a public security that has been registered by the comptroller shall submit the new public security to the attorney general for approval…

Sec. 1201.065. APPROVAL OF NEW PUBLIC SECURITY BY ATTORNEY GENERAL. The attorney general shall approve a new public security if the attorney general finds that the new public security has been printed or entered on the books of the registrar and executed and issued as provided by…

Sec. 1201.066. REGISTRATION OF NEW PUBLIC SECURITY BY COMPTROLLER. (a) The comptroller shall register and deliver a new public security after: (1) approval of the new public security by the attorney general; and (2) the surrender to and the cancellation by the comptroller of each…

Sec. 1201.067. EXCEPTION TO APPROVAL REQUIREMENT. (a) If the duty to convert or reconvert a public security or interest coupon or to transfer or exchange a public security is imposed on a corporate trustee under a trust agreement or indenture securing the public security or on a …

Sec. 1202.001. DEFINITIONS. In this chapter: (1) "Issuance" means the initial delivery by an issuer of evidence of an obligation of a public security issued by the issuer to the initial purchaser in exchange for the purchase price of the public security. (2) "Issuer" means: (A) a…

Sec. 1202.002. AUTHORITY TO DEFINE TERMS. The attorney general may determine, by application of accepted legal principles, the meaning of a term used in this chapter, other than "issuance," "issuer," or "public security," and by rule define that term. Added by Acts 1999, 76th Leg…

Sec. 1202.003. REVIEW AND APPROVAL OF PUBLIC SECURITIES. (a) Before the issuance of a public security, the issuer shall submit the public security and the record of proceedings to the attorney general. (b) If the attorney general finds that the public security has been authorized…

Sec. 1202.0035. ELECTRONIC SUBMISSION AND DELIVERY. (a) In this section: (1) "Electronic" has the meaning assigned by Section 322.002, Business & Commerce Code. (2) "Electronic signature" has the meaning assigned by Section 322.002, Business & Commerce Code, and includes any elec…

Sec. 1202.004. FEE FOR EXAMINATION BY ATTORNEY GENERAL. (a) When an issuer submits a record of proceedings to the attorney general for examination and approval as provided by law, the issuer shall pay a nonrefundable examination fee to the attorney general in accordance with this…

Sec. 1202.005. REGISTRATION. On receipt of documents required by Section 1202.003(b)(2) from the attorney general, the comptroller shall register: (1) the public security; and (2) the record of proceedings. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.