|
Senate Bill 132 |
Senate Author: Creighton et al. |
|
Effective: 9-1-17 |
House Sponsor: Parker et al. |
Senate Bill 132 amends the Government Code to increase the amount that an agency retains under the savings incentive program for state agencies from one-fourth of the amount of savings verified by the comptroller of public accounts to one-half of that amount and to remove the cap on the amount that may be retained. The bill requires one-half of the retained savings to be used to make additional principal payments for general obligation bonds issued by the agency or on behalf of the agency by the Texas Public Finance Authority and authorizes the savings to be used to provide bonuses to certain employees if there are no such outstanding general obligation bonds. The bill provides for caps on the bonuses and prohibits a state agency from providing a bonus to an employee who serves in an upper management position, including the chief executive or chief administrator of the agency.