SB2317: FINANCE-CONTRACT-SIGNATURES

Legislative Summary

Amends the State Finance Act. Provides that, for construction contracts procured by the Department of Transportation, a requirement that a contract, a contract renewal, an order against a master contract, or an amendment to an existing contract requires the signature of the chief executive officer of the agency, the chief legal counsel of the agency, and the chief fiscal officer of the agency applies only if the contract is in the amount of $750,000 or more or is increased to or by $750,000 or more in a fiscal year. Provides that the Department of Transportation may, by rule, adjust that applicable monetary threshold on a yearly basis to reflect inflationary costs in highway construction. Effective immediately.