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SJR107...............................................by JUDICIARY AND RULES MILLENNIUM PERMANENT ENDOWMENT FUND - Proposing an amendment to the Constitution of the State of Idaho by the addition of a new section to create an Idaho Millennium Permanent Endowment Fund; to provide that the Idaho Millennium Permanent Endowment Fund shall consist of eighty percent of the moneys received each year by the state of Idaho pursuant to the Master Settlement Agreement and any other moneys that may be appropriated or otherwise directed to the fund by the Legislature; to provide that such moneys shall remain inviolate and intact except that each year the State Treasurer shall distribute five percent of the Idaho Millennium Permanent Endowment Fund's average monthly fair market value for the first twelve months of the preceding twenty-four months to the Idaho Millennium Income Fund; to create an Idaho Millennium Income Fund subject to appropriation as provided by law; to provide that the Idaho Millennium Income Fund shall consist of the distribution from the Idaho Millennium Permanent Endowment Fund and other moneys that may be appropriated or otherwise directed to the fund as provided by law; to provide that the remaining twenty percent of the moneys received pursuant to the Master Settlement Agreement and the earnings thereon, shall be deposited to the Idaho Millennium Fund; to provide that the Idaho Millennium Fund may consist of any moneys that may be appropriated or otherwise directed to the fund by the Legislature; to provide that moneys in the Idaho Millennium Fund shall be allowed to accumulate; to provide that any amounts so accumulating in the Idaho Millennium Fund which exceed a maximum limit, shall be transferred to the Idaho Millennium Permanent Endowment Fund; and to provide that such moneys and earnings transferred to the Idaho Millennium Permanent Endowment Fund shall also remain inviolate and intact. 02/14 Senate intro - 1st rdg - to printing 02/15 Rpt prt - to Fin 02/24 Rpt out - rec d/p - to 2nd rdg 02/27 2nd rdg - to 3rd rdg 03/01 3rd rdg - PASSED - 31-4-0 AYES -- Andreason, Brandt, Broadsword, Burkett, Burtenshaw, Cameron, Coiner, Compton, Corder, Darrington, Fulcher, Gannon, Geddes, Goedde, Hill, Jorgenson, Kelly, Keough, Langhorst, Lodge, Marley, McGee, McKenzie, Pearce, Richardson, Schroeder, Stegner, Stennett, Sweet, Werk, Williams NAYS -- Bunderson, Davis, Little, Malepeai Absent and excused -- None Floor Sponsors - Lodge, Cameron & Werk Title apvd - to House 03/02 House intro - 1st rdg - to St Aff 03/10 Rpt out - rec d/p - to 2nd rdg 03/13 2nd rdg - to 3rd rdg 03/16 3rd rdg - PASSED - 65-0-5 AYES -- Anderson, Andrus, Barraclough, Barrett, Bayer, Bedke, Bell, Bilbao, Black, Block, Boe, Bolz, Brackett, Bradford, Cannon, Chadderdon, Clark, Collins, Deal, Denney, Ellsworth, Eskridge, Field(18), Field(23), 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, Wills, Mr. Speaker NAYS -- None Absent and excused -- Bastian, Crow, Edmunson, Snodgrass, Wood Floor Sponsor - Clark Title apvd - to Senate 03/17 To enrol 03/20 Rpt enrol - Pres signed - Sp signed 03/21 To Secretary of State
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-eighth Legislature Second Regular Session - 2006IN THE SENATE SENATE JOINT RESOLUTION NO. 107 BY JUDICIARY AND RULES COMMITTEE 1 A JOINT RESOLUTION 2 PROPOSING AN AMENDMENT TO ARTICLE VII OF THE CONSTITUTION OF THE STATE OF 3 IDAHO, BY THE ADDITION OF A NEW SECTION 18, ARTICLE VII, OF THE CONSTITU- 4 TION OF THE STATE OF IDAHO, TO CREATE AN IDAHO MILLENNIUM PERMANENT 5 ENDOWMENT FUND, TO PROVIDE THAT THE FUND SHALL CONSIST OF EIGHTY PERCENT 6 OF THE MONEYS RECEIVED EACH YEAR BY THE STATE OF IDAHO ON AND AFTER JANU- 7 ARY 1, 2007, PURSUANT TO THE MASTER SETTLEMENT AGREEMENT ENTERED INTO 8 BETWEEN TOBACCO PRODUCT MANUFACTURERS AND THE STATE OF IDAHO, AND ANY 9 OTHER MONEYS THAT MAY BE APPROPRIATED OR OTHERWISE DIRECTED TO THE FUND BY 10 THE LEGISLATURE, INCLUDING OTHER MONEYS OR ASSETS THAT THE FUND RECEIVES 11 BY BEQUEST OR PRIVATE DONATION, TO PROVIDE THAT SUCH MONEYS SHALL REMAIN 12 INVIOLATE AND INTACT EXCEPT THAT EACH YEAR THE STATE TREASURER SHALL DIS- 13 TRIBUTE FIVE PERCENT OF THE PERMANENT ENDOWMENT FUND'S AVERAGE MONTHLY 14 FAIR MARKET VALUE FOR THE FIRST TWELVE MONTHS OF THE PRECEDING TWENTY-FOUR 15 MONTHS TO THE IDAHO MILLENNIUM INCOME FUND, TO PROVIDE THAT SUCH DISTRIBU- 16 TION SHALL NOT EXCEED THE PERMANENT ENDOWMENT FUND'S FAIR MARKET VALUE ON 17 THE FIRST BUSINESS DAY OF JULY, TO CREATE AN IDAHO MILLENNIUM INCOME FUND 18 SUBJECT TO APPROPRIATION AS PROVIDED BY LAW, TO PROVIDE THAT THE INCOME 19 FUND SHALL CONSIST OF THE DISTRIBUTION FROM THE IDAHO MILLENNIUM PERMANENT 20 ENDOWMENT FUND AND OTHER MONEYS THAT MAY BE APPROPRIATED OR OTHERWISE 21 DIRECTED TO THE FUND AS PROVIDED BY LAW, TO PROVIDE THAT THE REMAINING 22 TWENTY PERCENT OF THE MONEYS RECEIVED BY THE STATE OF IDAHO ON AND AFTER 23 JANUARY 1, 2007, PURSUANT TO THE MASTER SETTLEMENT AGREEMENT ENTERED INTO 24 BETWEEN TOBACCO PRODUCT MANUFACTURERS AND THE STATE OF IDAHO AND THE EARN- 25 INGS THEREON, SHALL BE DEPOSITED TO THE IDAHO MILLENNIUM FUND, TO PROVIDE 26 THAT THE MILLENNIUM FUND MAY CONSIST OF ANY OTHER MONEYS THAT MAY BE 27 APPROPRIATED OR OTHERWISE DIRECTED TO THE FUND BY THE LEGISLATURE, INCLUD- 28 ING OTHER MONEYS OR ASSETS THAT THE FUND RECEIVES BY BEQUEST OR PRIVATE 29 DONATION, TO PROVIDE THAT MONEYS IN THE MILLENNIUM FUND SHALL BE ALLOWED 30 TO ACCUMULATE, BUT SHALL NOT EXCEED A MAXIMUM LIMIT AS DETERMINED BY LAW, 31 TO PROVIDE THAT ANY AMOUNTS SO ACCUMULATING IN THE IDAHO MILLENNIUM FUND 32 WHICH EXCEED THE MAXIMUM LIMIT, SHALL BE TRANSFERRED, NO LESS THAN ONCE A 33 YEAR, TO THE IDAHO MILLENNIUM PERMANENT ENDOWMENT FUND AND TO PROVIDE THAT 34 SUCH MONEYS AND EARNINGS SO TRANSFERRED TO THE PERMANENT ENDOWMENT FUND 35 SHALL ALSO REMAIN INVIOLATE AND INTACT; STATING THE QUESTION TO BE SUBMIT- 36 TED TO THE ELECTORATE; DIRECTING THE LEGISLATIVE COUNCIL TO PREPARE THE 37 STATEMENTS REQUIRED BY LAW; AND DIRECTING THE SECRETARY OF STATE TO PUB- 38 LISH THE AMENDMENT AND ARGUMENTS AS REQUIRED BY LAW. 39 Be It Resolved by the Legislature of the State of Idaho: 40 SECTION 1. That Article VII of the Constitution of the State of Idaho be 41 amended by the addition of a NEW SECTION, to be known and designated at Sec- 42 tion 18, Article VII of the Constitution of the State of Idaho and to read as 43 follows: 2 1 SECTION 18. IDAHO MILLENNIUM PERMANENT ENDOWMENT FUND -- IDAHO 2 MILLENNIUM INCOME FUND -- IDAHO MILLENNIUM FUND. There is hereby cre- 3 ated in the state treasury an Idaho Millennium Permanent Endowment 4 Fund. The fund shall consist of eighty percent of the moneys received 5 each year by the state of Idaho on and after January 1, 2007, pursu- 6 ant to the master settlement agreement entered into between tobacco 7 product manufacturers and the state of Idaho, and any other moneys 8 that may be appropriated or otherwise directed to the fund by the 9 legislature, including other moneys or assets that the fund receives 10 by bequest or private donation. The moneys received annually for 11 deposit to the fund, including earnings, shall forever remain invio- 12 late and intact. No portion of the permanent endowment fund shall 13 ever be transferred to any other fund, or used, or appropriated, 14 except as follows: each year, the state treasurer shall distribute 15 five percent of the permanent endowment fund's average monthly fair 16 market value for the first twelve months of the preceding twenty-four 17 months, to the Idaho Millennium Income Fund, and provided, that such 18 distribution shall not exceed the permanent endowment fund's fair 19 market value on the first business day of July. 20 The Idaho Millennium Income Fund, which is hereby created in the 21 state treasury, is subject to appropriation as provided by law, and 22 shall consist of the distribution from the Idaho Millennium Permanent 23 Endowment Fund and other moneys that may be appropriated or otherwise 24 directed to the fund as provided by law. 25 The remaining twenty percent of the moneys received by the state 26 of Idaho on and after January 1, 2007, pursuant to the master settle- 27 ment agreement entered into between tobacco product manufacturers and 28 the state of Idaho and the earnings thereon, shall be deposited to 29 the Idaho Millennium Fund. The fund may consist of any other moneys 30 that may be appropriated or otherwise directed to the fund by the 31 legislature, including other moneys or assets that the fund receives 32 by bequest or private donation. Moneys in the fund shall be allowed 33 to accumulate, but shall not exceed a maximum limit as determined by 34 law. Any amounts so accumulating in the Idaho Millennium Fund which 35 exceed the maximum limit, shall be transferred, no less than once a 36 year, to the Idaho Millennium Permanent Endowment Fund, and such 37 moneys and earnings in the permanent endowment fund shall also remain 38 inviolate and intact. 39 SECTION 2. The question to be submitted to the electors of the State of 40 Idaho at the next general election shall be as follows: 41 "Shall the Constitution of the State of Idaho be amended by the addition 42 of a new Section 18, Article VII, to create an Idaho Millennium Permanent 43 Endowment Fund to consist of eighty percent of the moneys received each year 44 by the state of Idaho on and after January 1, 2007, pursuant to the Master 45 Settlement Agreement entered into between tobacco product manufacturers and 46 the state of Idaho, and any other moneys that may be appropriated or otherwise 47 directed to the Idaho Millennium Permanent Endowment Fund by the legislature, 48 including other moneys or assets that the Idaho Millennium Permanent Endowment 49 Fund receives by bequest or private donation, to provide that such moneys 50 shall remain inviolate and intact except that the state treasurer shall dis- 51 tribute five percent of the Idaho Millennium Permanent Endowment Fund's aver- 52 age monthly fair market value for the first twelve months of the preceding 53 twenty-four months to the Idaho Millennium Income Fund, to provide that such 54 distribution shall not exceed the Idaho Millennium Permanent Endowment Fund's 3 1 fair market value on the first business day of July; to create an Idaho 2 Millennium Income Fund, subject to appropriation as provided by law, to con- 3 sist of the distribution from the Idaho Millennium Permanent Endowment Fund 4 and other moneys that may be appropriated or otherwise directed to the Idaho 5 Millennium Income Fund as provided by law; and to provide that the remaining 6 twenty percent of the moneys received by the state of Idaho on and after Janu- 7 ary 1, 2007, pursuant to the Master Settlement Agreement entered into between 8 tobacco product manufacturers and the state of Idaho and the earnings thereon, 9 shall be deposited to the Idaho Millennium Fund, to provide that the Idaho 10 Millennium Fund may consist of any other moneys that may be appropriated or 11 otherwise directed to the Idaho Millennium Fund by the legislature, including 12 other moneys or assets that the Idaho Millennium Fund receives by bequest or 13 private donation, to provide that moneys in the Idaho Millennium Fund shall be 14 allowed to accumulate, but shall not exceed a maximum limit as determined by 15 law, to provide that any amounts so accumulating in the Idaho Millennium Fund 16 which exceed the maximum limit, shall be transferred, no less than once a 17 year, to the Idaho Millennium Permanent Endowment Fund and to provide that 18 such moneys and earnings in the permanent endowment fund shall also remain 19 inviolate and intact?". 20 SECTION 3. The Legislative Council is directed to prepare the statements 21 required by Section 67-453, Idaho Code, and file the same. 22 SECTION 4. The Secretary of State is hereby directed to publish this pro- 23 posed constitutional amendment and arguments as required by law.
STATEMENT OF PURPOSE RS 16071 This joint resolution proposes a constitutional amendment to create the Idaho Millennium Permanent Endowment Fund. The fund will receive 80% of all future tobacco settlement payments to Idaho. A constitutional amendment is the only method to create an endowment fund that is not subject to appropriation. Currently, the tobacco settlements are deposited into the statutorily created Idaho Millennium Fund. In the future, the Idaho Millennium Fund will receive 20% of tobacco settlement payments to the state. The Legislature would set a statutory cap on the fund balance, and once that cap was met future settlement payments and earnings thereon would transfer back to the Permanent Endowment Fund. The current mechanism to annually distribute 5% of the increase in market value over a twelve month period to the Millennium Income Fund would apply to both the Idaho Millennium Permanent Endowment Fund and the Idaho Millennium Fund. The funds in the Income Fund would be subject to appropriation for projects approved by the Millennium Fund Committee. FISCAL IMPACT The fiscal impact to place this proposed constitutional amendment on the ballot will be $50,000 from the General Fund. Contact Name: Senators Patti Representatives Dennis Anne Lodge, Denton Lake, Jim Clark, Darrington, Dean Janice McGeachin, Cameron, Elliot Margaret Henbest, John Werk, Kate Kelly Rusche Phone: (208) 332 1000 STATEMENT OF PURPOSE/FISCAL NOTE SJR 107