This bill modifies provisions related to state purchasing.
This bill:
- establishes an administrative fee on state cooperative contracts that the division awards on behalf of an executive branch procurement unit;
- deposits revenue from the administrative fee into a restricted account called the State Purchasing Reserve Restricted Account (account);
- directs the state treasurer to invest money in the account in precious metals; and
- authorizes the money in the account to be used for the purpose of offsetting the cost of procuring goods and services for state entities and ensuring continuity in the state's procurement of goods and services, if certain inflation metrics are met.

Statutes affected:
Introduced: 51-7-2