Section 27-104-373 - 2023 Local Improvements Projects Fund created; use of monies(1) A special fund, to be designated as the "2023 Local Improvements Projects Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Monies in the fund shall be disbursed by the Department of Finance and Administration as provided in Section 28 of this act. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.(2) Contracts or purchases for projects funded with monies disbursed from the 2023 Local Improvements Projects Fund under Section 28 of Chapter 549, 2023 Regular Session, as amended by Section 1 of this act, that involve expenditures that are more than Five Thousand Dollars ($5,000.00) but not more than Seventy-five Thousand Dollars ($75,000.00), exclusive of freight and shipping charges, must be made from the lowest and best bidder without publishing or posting advertisements for bids after obtaining at least two (2) competitive written bids. Any such contracts or purchases that involve expenditures that are more than Seventy-five Thousand Dollars ($75,000.00), exclusive of freight and shipping charges, must be made from the lowest and best bidder after advertising for competitive bids and obtaining at least three (3) competitive written bids. "Competitive" means that the bids are developed based upon comparable identification of the needs and are developed independently and without knowledge of other bids or prospective bids. This provision of this subsection shall supersede any other provision of law to the contrary.Amended by Laws, 2024, ch. 510, HB 1707,§ 3, eff. 5/13/2024.Added by Laws, 2023, ch. 549, HB 603,§ 2, eff. 4/21/2023.