Bill > SB115

This bill establishes the Kansas Bullion Depository Act, which authorizes the state treasurer to create and manage bullion depositories for storing gold and silver. The bill defines key terms like "bullion" (refined gold or silver with uniform content and purity) and "specie legal tender" (gold or silver coins or bullion suitable for use as currency). The state treasurer can establish depositories directly, contract with third parties to manage them, or partner with existing depositories in other jurisdictions. State agencies and governmental entities will be allowed to open depository accounts and store bullion, which can be considered part of the state's official financial reserves. The bill requires robust security measures, including state-of-the-art security systems, comprehensive insurance coverage, and independent third-party audits at least twice a year. Additionally, the bill mandates strict conflict of interest rules for employees and officials involved with the depositories and provides protections against potential external confiscation or unauthorized seizure of bullion accounts. The legislation also amends existing investment regulations to allow the state to invest up to 20% of its pooled money investment portfolio in specie legal tender. Ultimately, the bill aims to provide a secure, state-managed mechanism for storing and managing precious metal assets.

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https://kslegislature.gov/li/b2025_26/measures/sb115/