Relating to the issuance of obligations by certain counties to pay the unfunded liabilities of the county to a public retirement system.

HB 4461 allows specific large Texas counties (with populations of 800,000+ adjacent to counties with 4 million+ residents) to issue bonds to cover shortfalls in their public retirement systems. The bill requires counties to obtain voter approval and sign written agreements with retirement systems before issuing bonds, specifying the shortfall amount and payment timeline. Proceeds from the bonds must be deposited directly into the retirement system as assets, and counties cannot use property taxes to repay these bonds. This bill establishes a funding mechanism for retirement system liabilities but does not change retirement benefits or eligibility.