Amends Tennessee Code to revise requirements for competitive sealed bids and open market purchases.

This bill amends Tennessee Code to change the rules for competitive sealed bids and open market purchases. It specifies that changes to the bid threshold must be made by resolution of the governing body. Purchases, leases, or lease-purchase agreements below the maximum competitive sealed bid threshold can be made in the open market without newspaper notice. For purchases costing less than the bid threshold but more than 40% of it, at least three written quotations are required. The changes take effect immediately upon becoming law.

Amends Tennessee Code to revise requirements for competitive sealed bids and open market purchases.

This bill amends Tennessee Code to change the rules for competitive sealed bids and open market purchases. It specifies that changes to the bid threshold must be made by resolution of the governing body. Purchases, leases, or lease-purchase agreements below the maximum competitive sealed bid threshold can be made in the open market without newspaper notice. For purchases costing less than the bid threshold but more than 40% of it, at least three written quotations are required. The changes take effect immediately upon becoming law.