The proposed bill, if enacted, would establish the Arizona Bullion Depository, which would be administered by the Arizona State Treasurer. This depository would serve as the custodian and administrator of bullion and specie, providing a secure location for their storage. The bill includes provisions for the Treasurer to contract with third parties for the depository's operations and to authorize electronic payment systems that utilize gold and silver as legal tender. Additionally, it mandates that all deposits in the depository be insured under an all-risk insurance policy and requires the Treasurer to submit an annual report on the depository's status and operations.

Furthermore, the bill recognizes gold and silver as legal tender in Arizona, allowing their use for payments between private parties and for obligations owed to the state, provided there is mutual agreement. It also specifies that transactions involving the purchase, sale, or exchange of bullion or specie will not incur tax liabilities. Importantly, the bill prohibits any person or entity from being compelled to accept gold or silver as payment, except as outlined in the legislation. Overall, the bill aims to modernize the state's financial framework by integrating bullion and specie into its economic system.