This bill amends several sections of the Nebraska Revised Statutes to provide specific exemptions for the Nebraska Investment Council from the requirements of the State Procurement Act and the Taxpayer Transparency Act regarding contracts. Notably, the bill allows the Nebraska Investment Council to enter into contracts with unspecified or unlimited durations, to indemnify contracting parties for their own errors, and to consent to jurisdiction and venue in other states, among other provisions. Additionally, the bill specifies that the Nebraska Investment Council is not subject to the proof-of-need analysis required for contracts exceeding fifteen million dollars, nor to the general contract requirements applicable to state agencies.

The bill also includes amendments to enhance transparency in state financial operations, such as the establishment of a searchable website for state receipts and expenditures. However, it explicitly states that the Nebraska Investment Council is exempt from these transparency requirements unless a contract necessitates payment by the Department of Administrative Services on behalf of the state. Overall, the bill aims to streamline the contracting process for the Nebraska Investment Council while maintaining certain transparency measures for other state entities.

Statutes affected:
Introduced: 73-801, 73-806, 73-812, 73-817, 84-602.04