The Kansas Bullion Depository Act establishes a framework for the creation and management of bullion depositories in the state, allowing the state treasurer to oversee these depositories where state funds can be deposited and invested in gold and silver bullion. The act defines key terms and outlines the responsibilities of the state treasurer and the administrator, emphasizing the need for high security standards, regular audits, and detailed transaction records. It also amends existing law to permit investment in specie legal tender while repealing previous investment restrictions, and it protects depository account holders from unauthorized governmental actions regarding their accounts.

Additionally, the bill modifies the procedures for transferring funds from the state general fund to the pooled money investment portfolio, establishing a schedule for these transfers through 2022. It introduces a new limitation on investments in specie legal tender, capping them at 20% of the total pooled money investment portfolio at the time of investment, and repeals a previous statute, K.S.A. 2024 Supp. 75-4209. The act aims to enhance the management and security of precious metals within the state's financial system and will take effect upon publication in the statute book.

Statutes affected:
As Introduced: 75-4209
As introduced: 75-4209