Bill > HB0405

This bill modifies state purchasing provisions by creating a new "State Purchasing Reserve Restricted Account" which will be funded by a 0.5% administrative fee on certain state cooperative procurements and the appreciated value of its investments. This account will be invested by the state treasurer in precious metals, and funds can be appropriated by the Legislature for public entities' procurement needs, specifically when inflation (measured by the Chained Consumer Price Index) is significantly high, to ensure the continuity of goods and services. Additionally, the bill clarifies that this new account is exempt from certain state investment laws, and it expands the types of entities the chief procurement officer can enter into cooperative procurement contracts with, including government entities outside of the state.

Government Affairs

https://le.utah.gov/~2026/bills/static/HB0405.html