The Kansas Bullion Depository Act establishes a framework for the state treasurer to create and manage secure bullion depositories for gold and silver. It allows state funds to be deposited in these depositories and invested in specie legal tender, which includes gold and silver coins or bullion. The act authorizes the state treasurer to appoint an administrator to oversee operations, ensuring strict security measures and comprehensive transaction records. It mandates biannual independent audits for compliance and security, while also requiring regular reports to the state treasurer and legislature regarding the depositories' operations and financial status. The act protects account holders' ownership rights against unauthorized governmental actions, declaring such actions null and void.

Additionally, the bill modifies the procedures for transferring funds from the state general fund to the pooled money investment portfolio, establishing a transfer schedule for specific years. 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 repeals K.S.A. 2024 Supp. 75-4209, indicating a significant change in the legal framework governing these financial transactions. The act will take effect upon its publication in the statute book.

Statutes affected:
As introduced: 75-4209