Establishes an administrative fee on state cooperative contracts and deposits revenue into the State Purchasing Reserve Restricted Account.

This bill establishes an administrative fee on state cooperative contracts, directing the revenue from this fee into a restricted account called the State Purchasing Reserve Restricted Account. The state treasurer is mandated to invest the funds in this account in precious metals. The bill also authorizes the use of these funds to offset the cost of procuring goods and services for public entities and to ensure continuity in their procurement activities. The account is funded by revenue from the administrative fee and the appreciated value of investments made with the deposited funds.

Establishes an administrative fee on state cooperative contracts and deposits revenue into the State Purchasing Reserve Restricted Account.

This bill establishes an administrative fee on state cooperative contracts, directing the revenue from this fee into a restricted account called the State Purchasing Reserve Restricted Account. The state treasurer is mandated to invest the funds in this account in precious metals. The bill also authorizes the use of these funds to offset the cost of procuring goods and services for public entities and to ensure continuity in their procurement activities. The account is funded by revenue from the administrative fee and the appreciated value of investments made with the deposited funds.