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S1416............................................................by FINANCE MILLENNIUM PERMANENT ENDOWMENT FUND - Adds to and amends existing law to create the Idaho Millennium Permanent Endowment Fund; to provide for an annual distribution from the Idaho Millennium Permanent Endowment Fund to the Idaho Millennium Income Fund; to provide for distribution of moneys from the Idaho Millennium Fund to the Idaho Millennium Income Fund; to provide a fund balance limit in the Idaho Millennium Fund; to provide for the transfer to the Idaho Millennium Permanent Endowment Fund of any amount exceeding the statutory limit; to provide that the Idaho Millennium Income Fund shall consist of distributions from the Idaho Millennium Permanent Endowment Fund; to revise the uses of the fund; and to direct the State Treasurer to transfer ten million dollars of the Idaho Millennium Fund balance to the Idaho Millennium Permanent Endowment Fund upon adoption of Senate Joint Resolution No. 107 by the electorate of the state of Idaho. 02/24 Senate intro - 1st rdg - to printing 02/27 Rpt prt - to Fin Rpt out - rec d/p - to 2nd rdg 02/28 2nd rdg - to 3rd rdg 03/02 3rd rdg - PASSED - 34-0-1 AYES -- Andreason, Brandt, Broadsword, Burkett, Burtenshaw, Cameron, Coiner, Compton, Corder, Darrington, Davis, Fulcher, Gannon, Geddes, Goedde, Hill, Jorgenson, Kelly, Keough, Langhorst, Little, Lodge, Malepeai, Marley, McGee, McKenzie, Pearce, Richardson, Schroeder, Stegner, Stennett, Sweet, Werk, Williams NAYS -- None Absent and excused -- Bunderson Floor Sponsors - Lodge & Cameron Title apvd - to House 03/03 House intro - 1st rdg - to 2nd rdg 03/06 2nd rdg - to 3rd rdg 03/08 Ref'd to St Aff 03/10 Rpt out - rec d/p - ret'd to 3rd rdg 03/16 3rd rdg - PASSED - 64-0-6 AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer, Bell, Bilbao, Black, Block, Boe, Bolz, Brackett, Bradford, Cannon, Chadderdon, Clark, Collins, Deal, Denney, Edmunson, Ellsworth, Eskridge, Field(18), Garrett, Hart, Harwood, Henbest, Henderson, Jaquet, Kemp, Lake, LeFavour, Loertscher, Martinez, Mathews, McGeachin, McKague, Miller, Mitchell, Moyle, Nielsen, Nonini, Pasley-Stuart, Pence, Raybould, Ring, Ringo, Roberts, Rusche, Rydalch, Sali, Sayler, Schaefer, Shepherd(2), Shepherd(8), Shirley, Skippen, Smith(30), Smith(24), Smylie, Stevenson, Trail, Mr. Speaker NAYS -- None Absent and excused -- Bedke, Crow, Field(23), Snodgrass, Wills, Wood Floor Sponsor - Lake Title apvd - to Senate 03/17 To enrol 03/20 Rpt enrol - Pres signed - Sp signed 03/21 To Governor 03/24 Governor signed Session Law Chapter 187 Effective: Upon passage of SJR 107 by the electorate of Idaho
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-eighth Legislature Second Regular Session - 2006IN THE SENATE SENATE BILL NO. 1416 BY FINANCE COMMITTEE 1 AN ACT 2 RELATING TO THE IDAHO MILLENNIUM FUND; AMENDING CHAPTER 18, TITLE 67, IDAHO 3 CODE, BY THE ADDITION OF A NEW SECTION 67-1801, IDAHO CODE, TO CREATE THE 4 IDAHO MILLENNIUM PERMANENT ENDOWMENT FUND; AMENDING CHAPTER 18, TITLE 67, 5 IDAHO CODE, BY THE ADDITION OF A NEW SECTION 67-1802, IDAHO CODE, TO PRO- 6 VIDE FOR AN ANNUAL DISTRIBUTION FROM THE IDAHO MILLENNIUM PERMANENT ENDOW- 7 MENT FUND TO THE IDAHO MILLENNIUM INCOME FUND; AMENDING SECTION 67-1801, 8 IDAHO CODE, TO PROVIDE FOR DISTRIBUTION OF MONEYS TO THE IDAHO MILLENNIUM 9 FUND, TO PROVIDE A CORRECT CODE REFERENCE AND TO REDESIGNATE THE SECTION; 10 AMENDING SECTION 67-1803, IDAHO CODE, TO PROVIDE FOR AN ANNUAL DISTRIBU- 11 TION FROM THE IDAHO MILLENNIUM FUND AND TO REDESIGNATE THE SECTION; AMEND- 12 ING CHAPTER 18, TITLE 67, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 13 67-1805, IDAHO CODE, TO PROVIDE A FUND BALANCE LIMIT IN THE IDAHO 14 MILLENNIUM FUND AND TO PROVIDE FOR TRANSFER TO THE IDAHO MILLENNIUM PERMA- 15 NENT ENDOWMENT FUND OF ANY AMOUNT EXCEEDING THE STATUTORY LIMIT; AMENDING 16 SECTION 67-1802, IDAHO CODE, TO PROVIDE THAT THE IDAHO MILLENNIUM INCOME 17 FUND SHALL CONSIST OF DISTRIBUTIONS FROM THE IDAHO MILLENNIUM PERMANENT 18 ENDOWMENT FUND, TO REVISE THE USES OF THE FUND AND TO REDESIGNATE THE SEC- 19 TION; AMENDING SECTIONS 67-1804, 67-1805 AND 67-1806, IDAHO CODE, TO 20 REDESIGNATE THE SECTIONS; PROVIDING AN EFFECTIVE DATE; AND DIRECTING THE 21 STATE TREASURER TO TRANSFER TEN MILLION DOLLARS OF THE IDAHO MILLENNIUM 22 FUND BALANCE TO THE IDAHO MILLENNIUM PERMANENT ENDOWMENT FUND UPON ADOP- 23 TION OF SENATE JOINT RESOLUTION NO. 107 BY THE ELECTORATE OF THE STATE OF 24 IDAHO. 25 Be It Enacted by the Legislature of the State of Idaho: 26 SECTION 1. That Chapter 18, Title 67, Idaho Code, be, and the same is 27 hereby amended by the addition thereto of a NEW SECTION, to be known and des- 28 ignated as Section 67-1801, Idaho Code, and to read as follows: 29 67-1801. IDAHO MILLENNIUM PERMANENT ENDOWMENT FUND. (1) There is hereby 30 created in the state treasury the "Idaho Millennium Permanent Endowment Fund." 31 The fund shall consist of eighty percent (80%) of the moneys received by the 32 state of Idaho on and after January 1, 2007, pursuant to the master settlement 33 agreement entered into between tobacco product manufacturers and the state of 34 Idaho, and such moneys as may be provided by legislative appropriations or 35 otherwise directed to the fund by the legislature, including other moneys or 36 assets that the fund receives by bequest or donation. 37 (2) The moneys received annually for deposit to the fund, including earn- 38 ings, shall forever remain inviolate and intact. No portion of the fund shall 39 ever be transferred to any other fund, or used, or appropriated, except as 40 allowed by the provisions of section 18, article VII of the constitution of 41 the state of Idaho and as directed by the provisions of section 67-1802, Idaho 42 Code. 43 (3) Fund assets shall be invested by the state treasurer according to the 2 1 standards of the Idaho uniform prudent investor act, chapter 5, title 68, 2 Idaho Code, and the state treasurer is hereby granted authority to invest the 3 assets of the fund in any investment instruments authorized by the standards 4 of the Idaho uniform prudent investor act. 5 SECTION 2. That Chapter 18, Title 67, Idaho Code, be, and the same is 6 hereby amended by the addition thereto of a NEW SECTION, to be known and des- 7 ignated as Section 67-1802, Idaho Code, and to read as follows: 8 67-1802. DISTRIBUTION FROM THE IDAHO MILLENNIUM PERMANENT ENDOWMENT FUND. 9 On the first business day of July, or as soon thereafter as possible, the 10 state treasurer shall distribute to the Idaho millennium income fund five per- 11 cent (5%) of the Idaho millennium permanent endowment fund's average monthly 12 fair market value of the first twelve (12) months of the preceding twenty-four 13 (24) months. Provided however, the distribution shall not exceed the Idaho 14 millennium permanent endowment fund's fair market value on the first business 15 day in July. 16 SECTION 3. That Section 67-1801, Idaho Code, be, and the same is hereby 17 amended to read as follows: 18 67-18013. IDAHO MILLENNIUM FUND. There is hereby created in the state 19 treasury the "Idaho Millennium Fund." The fund shall consist ofalltwenty 20 percent (20%) of the moneysdistributed toreceived by the state of Idaho on 21 and after January 1, 2007, pursuant to the master settlement agreement entered 22 into between tobacco product manufacturers and various states, including 23 Idaho, and such moneys as may be provided by legislative appropriations or 24 otherwise directed to the fund by the legislature including other moneys or 25 assets that the fund receives by bequest or donation. Money in the fund is not 26 subject to appropriation or distribution, except as provided in sections27 67-18024,and 67-1803,Idaho Code. Fund assets shall be invested by the state 28 treasurer according to the standards of the Idaho uniform prudent investor 29 act, chapter 5, title 68, Idaho Code, and the state treasurer is hereby 30 granted the authority to invest the assets of the Idaho millennium fund in any 31 investment instruments authorized by the standards of the Idaho uniform pru- 32 dent investor act. 33 SECTION 4. That Section 67-1803, Idaho Code, be, and the same is hereby 34 amended to read as follows: 35 67-18034. DISTRIBUTIONOF FUNDSFROM THE IDAHO MILLENNIUM FUND. On the 36 first business day of July, or as soon thereafter as possible, the state trea- 37 surer shall distribute to the Idaho millennium income fund five percent (5%) 38 of the Idaho millennium fund's average monthly fair market value for the first 39 twelve (12) months of the preceding twenty-four (24) months. Provided however, 40 that the distribution shall not exceed the Idaho millennium fund's fair market 41 value on the first business day in July. 42 SECTION 5. That Chapter 18, Title 67, Idaho Code, be, and the same is 43 hereby amended by the addition thereto of a NEW SECTION, to be known and des- 44 ignated as Section 67-1805, Idaho Code, and to read as follows: 45 67-1805. IDAHO MILLENNIUM FUND BALANCE LIMITATION. The balance of the 46 Idaho millennium fund shall not exceed one hundred million dollars 47 ($100,000,000) as determined on the day following the distribution to the 3 1 Idaho millennium income fund as required by the provisions of section 67-1804, 2 Idaho Code. Any amount in excess of the one hundred million dollar 3 ($100,000,000) limit shall be transferred by the state treasurer to the Idaho 4 millennium permanent endowment fund created in section 67-1801, Idaho Code. 5 SECTION 6. That Section 67-1802, Idaho Code, be, and the same is hereby 6 amended to read as follows: 7 67-18026. IDAHO MILLENNIUM INCOME FUND. There is hereby created in the 8 state treasury the "Idaho Millennium Income Fund." The fund shall consist of 9 distributions from the Idaho millennium permanent endowment fund, the Idaho 10 millennium fund and such moneys that may be provided by legislative appropria- 11 tions. The Idaho millennium income fund shall be managed by the state trea- 12 surer and shall retain its own earnings. The uses of this fund shall be deter- 13 mined by legislative appropriation, provided that such appropriations may only14be granted on a one-time basis through June 30, 2004. 15 SECTION 7. That Section 67-1804, Idaho Code, be, and the same is hereby 16 amended to read as follows: 17 67-18047. JOINT MILLENNIUM FUND COMMITTEE -- CREATION AND APPOINTMENT OF 18 MEMBERS. There is hereby created the joint millennium fund committee, hereaf- 19 ter referred to as the committee. The committee shall consist of ten (10) mem- 20 bers, each of whom shall be a member of the legislature. The committee members 21 shall be appointed as follows: three (3) members shall be appointed by the 22 president pro tempore of the senate, one (1) of whom shall be cochair of the 23 committee; two (2) members shall be appointed by the minority leader of the 24 senate; three (3) members shall be appointed by the speaker of the house of 25 representatives, one (1) of whom shall be cochair of the committee; and two 26 (2) members shall be appointed by the minority leader of the house of repre- 27 sentatives. The term of a member of the committee shall coincide with the term 28 of election to the legislature. A vacancy during the term of a member of the 29 committee shall be filled by the appointing authority of that member, and mem- 30 bers may be reappointed to a subsequent term. 31 SECTION 8. That Section 67-1805, Idaho Code, be, and the same is hereby 32 amended to read as follows: 33 67-18058. POWERS AND DUTIES OF THE COMMITTEE. The committee shall have 34 the following powers and duties: 35 (1) To meet not less than two (2) times each year; 36 (2) To establish rules for governance and operation of committee proceed- 37 ings; 38 (3) To request applications for funding from the Idaho millennium income 39 fund; 40 (4) To meet to hear testimony and to consider applications for funding 41 from the Idaho millennium income fund; 42 (5) To evaluate the actual and potential success of programs funded with 43 moneys from the Idaho millennium income fund; and 44 (6) To present recommendations annually to the legislature for the use of 45 the moneys in the Idaho millennium income fund. 46 SECTION 9. That Section 67-1806, Idaho Code, be, and the same is hereby 47 amended to read as follows: 4 1 67-18069. SUPPORT AND STAFF FOR THE COMMITTEE. The legislative services 2 office shall provide for the support and staffing of the committee as the com- 3 mittee may require in the performance of its duties. 4 SECTION 10. This act shall be in full force and effect on and after the 5 date of adoption of Senate Joint Resolution No. 107 by the electorate of the 6 state of Idaho as required by law. 7 SECTION 11. Upon the adoption of Senate Joint Resolution No. 107 by the 8 electorate of the state of Idaho as required by law, the State Treasurer shall 9 transfer ten million dollars of the fund balance of the Idaho Millennium Fund 10 to the Idaho Millennium Permanent Endowment Fund.
STATEMENT OF PURPOSE RS 16082 The proposed legislation codifies the provision of Senate Joint Resolution 107 that proposes a constitutional amendment to endow the Idaho Millennium Permanent Endowment Fund. Legislation would become effective on and after January 1, 2007, upon passage of the constitutional amendment. The constitutional amendment mandates that 80% of future tobacco settlement payments be placed into an endowment fund. The amendment also directs that the remaining 20% of future tobacco settlement payments be placed into the already existing Idaho Millennium Fund. Annual distributions from both of these funds will be made to the Idaho Millennium Income Fund. The Legislature will have the authority to spend funds in both the Idaho Millennium Fund and the Idaho Millennium Income Fund. The legislation also provides for the State Treasurer to invest both the Idaho Millennium Permanent Endowment Fund and the Idaho Millennium Fund. Further, the legislation puts into statute a cap of $100 million on the Idaho Millennium Fund. Once the fund has at least $100 million after the annual distribution to the Idaho Millennium Fund, then any excess over the $100 million shall be transferred to the Idaho Millennium Permanent Endowment Fund. The proposed legislation does not change the powers and duties of the Millennium Fund Committee. FISCAL IMPACT There is no fiscal impact. Contact Name: Senators Lodge, Cameron, Darrington, Werk, Kelly Representatives Lake, Clark, McGeachin, Henbest, Rusche Phone: 332-1000 STATEMENT OF PURPOSE/FISCAL NOTE S 1416