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 operations. The act permits state funds to be deposited and invested in specie legal tender, which includes gold and silver bullion, and defines key terms related to bullion management. It outlines the responsibilities of the state treasurer and the appointed administrator, emphasizing the need for high security standards, regular audits, and transparency in reporting to the state treasurer and the legislature. The act also protects bullion assets from external governmental claims, declaring unauthorized attempts to control these assets as null and void.

Additionally, the bill amends existing law by allowing investments in specie legal tender, expanding investment options for state funds, and repeals certain provisions of K.S.A. 2024 Supp. 75-4209 to incorporate these new regulations. It introduces a limitation on investments in specie legal tender, capping them at 20% of the total pooled money investment portfolio at the time of investment. The bill also modifies the transfer amounts from the state general fund to the pooled money investment portfolio for specific fiscal years and includes provisions for transferring remaining amounts from investments back to the state general fund. The act will take effect upon its publication in the statute book.

Statutes affected:
As introduced: 75-4209