This bill amends current law to increase the bid advertising threshold for certain State contracts, specifically for purchases, contracts, or agreements related to labor and construction materials. The threshold is raised from $25,000 to $150,000, allowing smaller construction and repair projects to be informally bid by the using agency without the need for full advertising. This change aims to streamline the process and reduce the time and costs associated with completing these smaller projects.

Additionally, the bill modifies the language regarding the Directors of the Division of Purchase and Property and the Division of Property Management and Construction, replacing references to the "Division of Building" with the new title. It also establishes a new tiered threshold system, where the amount will increase to $200,000 on January 1, 2023, and to $250,000 on January 1, 2024. The Governor is tasked with adjusting the threshold every five years based on the index rate, ensuring that the amounts remain relevant to economic conditions. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 52:34-7