The proposed SB1633 bill aims to create the Arizona Bullion Depository, which will be managed by the Department of Insurance and Financial Institutions. This depository will store gold and silver bullion and coins for the state and other entities, and the State Treasurer will be able to deposit state monies in bullion form. The bill outlines the depository's management, security, reporting duties, and the appointment of an Administrator.

Furthermore, the bill allows for the issuance of transactional currency backed by the bullion and specie, which will be legal tender and transferable. The Director of DIFI will oversee the issuance and redemption of this currency, and private vendors may be contracted for its establishment. Fees generated by the depository's services will be used for administration and the state's general fund, and the bill includes provisions for rulemaking to ensure security and prevent fraud.