Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that authorizes the state to pay vendors in gold and silver after a previous law allowed the treasurer to invest up to 10% of the state's rainy day funds in precious metals in Utah.

Highlights:

• Authorizes the state to pay vendors in gold and silver after a previous law allowed the treasurer to invest up to 10% of the state's rainy day funds in precious metals in Utah (Sec. 1-4).

• Amends and modifies provisions relating to state investment in gold and the establishment of a gold-backed digital payment system (Sec. 1-4).

• Extends and adds a sunset date to the state treasurer's precious metals study requirement (Sec. 1-4).

• requires the state treasurer to develop and issue a competitive procurement for a precious metals-backed electronic payment system (Sec. 1-4).

• Establishes requirements for the request for proposals (Sec. 1-4).

• Requires the state treasurer to evaluate proposals (Sec. 1-4).

• Requires annual reporting to the Revenue and Taxation Interim Committee (Sec. 1-4).

• Appropriates $146,800 in operating and capital budgets for fiscal year 2026, all of which is from the various sources as detailed in this bill (Sec. 1-4).

• Specifies that the provisions of this bill shall take effect beginning May 7, 2025 (Sec. 5).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that authorizes the state to pay vendors in gold and silver after a previous law allowed the treasurer to invest up to 10% of the state's rainy day funds in precious metals in Utah.

Highlights:

• Authorizes the state to pay vendors in gold and silver after a previous law allowed the treasurer to invest up to 10% of the state's rainy day funds in precious metals in Utah (Sec. 1-4).

• Amends and modifies provisions relating to state investment in gold and the establishment of a gold-backed digital payment system (Sec. 1-4).

• Extends and adds a sunset date to the state treasurer's precious metals study requirement (Sec. 1-4).

• requires the state treasurer to develop and issue a competitive procurement for a precious metals-backed electronic payment system (Sec. 1-4).

• Establishes requirements for the request for proposals (Sec. 1-4).

• Requires the state treasurer to evaluate proposals (Sec. 1-4).

• Requires annual reporting to the Revenue and Taxation Interim Committee (Sec. 1-4).

• Appropriates $146,800 in operating and capital budgets for fiscal year 2026, all of which is from the various sources as detailed in this bill (Sec. 1-4).

• Specifies that the provisions of this bill shall take effect beginning May 7, 2025 (Sec. 5).

Full Bill Text