The Kansas Bullion Depository Act establishes a framework for the state treasurer to create and manage bullion depositories for the secure storage of gold and silver bullion. It allows state funds to be deposited in these depositories and invested in specie legal tender, while defining key terms such as "bullion," "depository," and "specie." The act outlines the responsibilities of the state treasurer, including the authority to contract with third parties for depository administration, and mandates high security standards, regular audits, and compliance with relevant laws. Additionally, the bill amends K.S.A. 2024 Supp. 75-4209 to permit the investment of state moneys in specie legal tender, while deleting previous restrictions on certain investments.

The bill also modifies the procedures for transferring funds from the state general fund to the pooled money investment portfolio, establishing a schedule for specific transfers through 2022 and limiting investments in specie legal tender to 20% of the total portfolio at the time of investment. It repeals K.S.A. 2024 Supp. 75-4209, indicating a significant change in the legal framework governing these financial transactions. Furthermore, the act includes provisions to protect depository account holders from unauthorized governmental actions, declaring such actions null and void, and requires the state treasurer to report annually to the legislature on the operations and financial status of the depositories. The act will take effect upon its publication in the statute book.

Statutes affected:
As introduced: 75-4209