Requires State Treasurer, in consultation with State Comptroller, to promulgate rules and regulations concerning best practices for awarding independent State authority contracts.

This bill requires New Jersey's State Treasurer, working with the State Comptroller, to create rules for how independent state authorities (like public boards or commissions) award contracts for goods and services. It mandates specific best practices, including ensuring broad bidder access, using clear work descriptions, applying transparent merit-based scoring, and documenting all evaluation steps. Exceptions exist for emergencies, sole vendors, federal contracts, or when state/federal law requires different procedures. The rules must be reviewed every two years to reflect current procurement standards.