Relating to audits of public contracts; appropriating money; declaring an emergency.
Catchline/Summary:
Requires contracting agency to pay fee to Secretary of State in amount of one-tenth of one percent of contract price for public improvement contracts. Requires contracting agency to pay fee to Secretary of State in amount of one-tenth of one percent of contract price for certain] public improvement contracts. Creates exceptions. Requires Secretary of State to use proceeds of fee to conduct random] financial, compliance and performance audits of certain] public contracts in accordance with certain standards.
Requires secretary to appoint advisory committee and specifies composition of advisory committee.
Establishes Public Contracting Audit Fund] Account. Continuously appropriates moneys in fund] account to Secretary of State for purpose of conducting audits of public contracts.
Declares emergency, effective on passage.
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SB 772 Joint Committee On Ways and Means
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