AR HB1318

Amends Arkansas Code § 14-58-303 to allow first-class cities to evaluate bids for supplies, apparatus, equipment, and materials using four methods: lowest immediate cost, lowest demonstrated life cycle cost, lowest demonstrated term costs, or a combination of these methods, provided the evaluation method is stated in the bid notice.

Defines "lowest demonstrated life cycle cost" as the total cost of an asset over its entire life cycle, including initial capital costs, maintenance costs, operating costs, and residual value at end of life.

Defines "lowest demonstrated term cost" as the cost of an asset over a portion of its life cycle, including initial capital costs, maintenance costs, and operating costs during that specified portion.

Defines "lowest responsible bidder" as the bidder offering trustworthiness and responsibility concerning the purchase while offering the lowest cost under the selected evaluation method.

Requires that all bids, quotes, and related documentation be maintained as required under Arkansas Code § 14-59-114(a)(1); also defines "reverse internet auction" and "reverse internet auction vendor" for municipal purchasing purposes.