Sec. 845.105. 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 system.
(b) 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. 55.105 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989. Amended by Acts 1999, 76th Leg., ch. 427, Sec. 48, eff. Dec. 31, 1999.
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