Bill > SB0167

This bill establishes a framework for creating a Tennessee Mint, a state-operated facility for producing bullion products, by defining key terms and outlining the state treasurer's responsibilities. The bill defines an "eligible entity" as a U.S.-based manufacturer with at least 50 years of experience, including prior government contracts for coin production, and requires this entity to have a comprehensive plan for building the mint's facilities. The state treasurer is mandated to enter into an agreement with such an entity to carry out "covered activities," which include making capital improvements, receiving and shipping bullion product orders, and maintaining the facility. The facility will produce various bullion products like rounds, bars, and commemorative pieces, and will be designated to securely produce, store, process, and ship these products for the state's depository. The bill specifies that the procurement process will follow existing public contract regulations, and the state treasurer must create rules for the mint's operations in accordance with administrative procedures. The Tennessee Mint is set to take effect on July 1, 2025, and the bill includes a severability clause to ensure that if any part of the act is found invalid, the remainder can still be implemented.

Budget and Finance, Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0167&ga=114