State Purchasing Reserve Funding

Summary

The bill adds a half‑percent administrative fee to contracts that come from Utah’s cooperative purchasing program. The fee revenue is placed in a new State Purchasing Reserve Restricted Account, which the state treasurer must invest in precious metals and may use to lower the cost of goods and services for certain public entities when inflation reaches set thresholds. It also updates procurement rules and lists the reserve account among funds exempt from some spending limits.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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