Senate Bill 369 amends several sections of the Tennessee Code Annotated regarding competitive sealed bids. It introduces a provision that allows changes to the applicable threshold for public advertisement and sealed competitive bids to be made by resolution of the governing body, in accordance with Section 12-3-1212. Additionally, the bill modifies Sections 5-14-205 and 6-56-305 by deleting the existing language and replacing it with new stipulations. These changes allow for purchases, leases, or lease-purchase agreements under the established competitive sealed bid threshold to be made in the open market without the need for newspaper notice, provided that at least three written quotations are obtained when possible for purchases exceeding 40% of the bid threshold.

The bill emphasizes the flexibility for local governing bodies to set lower thresholds for competitive bidding through resolution or ordinance, thereby streamlining the procurement process for smaller expenditures. The act is set to take effect upon becoming law, highlighting its urgency in promoting efficient public spending practices.

Statutes affected:
Introduced: 5-14-204(1), 5-14-204, 5-14-205, 6-56-305