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H0067...............................................by REVENUE AND TAXATION
STATE AERONAUTICS FUND - Amends existing law to provide that interest
earned on investment of idle moneys in the State Aeronautics Fund shall be
paid to the fund.
01/18 House intro - 1st rdg - to printing
01/19 Rpt prt - to Rev/Tax
01/29 Rpt out - rec d/p - to 2nd rdg
01/30 2nd rdg - to 3rd rdg
01/31 3rd rdg - PASSED - 69-0-1
AYES -- Barraclough, Barrett, Bedke(Woodhouse), Bell, Bieter, Black,
Boe, Bolz, Bradford, Bruneel, Callister, Campbell, Chase, Clark,
Collins, Crow, Cuddy, Deal, Denney, Ellis, Ellsworth, Eskridge,
Field(13), Field(20), Gagner, Gould, Hadley, Hammond, Harwood,
Henbest, Higgins, Hornbeck, Jaquet, Jones, Kellogg, Kendell, Kunz,
Lake, Langford, Loertscher, Mader, Marley, McKague, Meyer,
Montgomery, Mortensen, Moss, Moyle, Pearce, Pischner, Pomeroy,
Raybould, Ridinger, Roberts, Robison, Sali, Schaefer, Sellman,
Shepherd, Smith, Smylie, Stevenson, Stone, Swan(Hansen), Tilman,
Trail, Wheeler, Wood, Young, Mr. Speaker
NAYS -- None
Absent and excused -- Gould
Floor Sponsor - Wood
Title apvd - to Senate
02/01 Senate intro - 1st rdg - to Fin
03/02 Rpt out - rec d/p - to 2nd rdg
03/05 2nd rdg - to 3rd rdg
03/16 3rd rdg - PASSED - 34-0-1
AYES -- Andreason, Branch(Bartlett), Boatright, Brandt, Bunderson,
Burtenshaw, Cameron, Danielson, Darrington, Davis, Deide, Dunklin,
Frasure, Geddes, Goedde, Hawkins, Ingram, Ipsen, Keough,
King-Barrutia, Lee, Lodge, Noh, Richardson, Risch, Sandy, Schroeder,
Sims, Sorensen, Stegner, Stennett, Thorne, Wheeler, Whitworth
NAYS -- None
Absent and excused -- Williams
Floor Sponsor -- Whitworth
Title apvd - to House
03/19 To enrol
03/20 Rpt enrol - Sp signed
03/21 Pres signed - to Governor
03/22 Governor signed
Session Law Chapter 94
Effective: 07/01/01
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature First Regular Session - 2001
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 67
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO THE STATE AERONAUTICS FUND; AMENDING SECTION 21-211, IDAHO CODE,
3 TO PROVIDE THAT INTEREST EARNED ON INVESTMENT OF IDLE MONEYS IN THE FUND
4 SHALL BE PAID TO THE FUND.
5 Be It Enacted by the Legislature of the State of Idaho:
6 SECTION 1. That Section 21-211, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 21-211. PROCEEDS OF LICENSES AND FINES -- STATE AERONAUTICS FUND. All
9 moneys collected for the licensing of aircraft and airmen, all fines and pen-
10 alties paid under the provisions of laws relating to or regulating the opera-
11 tion, registration or licensing of aircraft or pilots, air safety or air
12 flight not otherwise appropriated and such other funds as may be paid into the
13 state aeronautics fund shall be paid to the state treasurer, and shall be
14 placed by him in the state aeronautics fund, which is hereby created, and all
15 of said state aeronautics fund is hereby appropriated for the purpose of fur-
16 thering the administration, development and enforcement of laws relating to
17 aviation and for defraying administrative expenses of the Idaho transportation
18 department, including per diem compensation of the Idaho transportation board,
19 and the salary of the director of the department. Interest earned on the
20 investment of idle moneys in the state aeronautics fund shall be paid to the
21 state aeronautics fund.
STATEMENT OF PURPOSE
RS10544
This legislation provides that interest earned on idle funds in
the State Aeronautics fund will be retained in that fund for the
benefit of the State Aeronautics program. Presently such earned
interest is transferred to the General Fund.
The purpose of this legislation is to increase the amount of
funding available to support Aeronautics programs, specifically
as match for Federal funds earmarked for improvement of Idaho's
airport.
FISCAL IMPACT
The State Treasure's Office reports an average interest earnings
ranging between 6.00% and 6.25% on funds in the Aeronautics Fund.
At these rates the interest yield on an estimated monthly cash
balance of $500,000 in the State Aeronautics account would be
about $31,000 annually. This legislation would cause the General
Fund revenues from interest earned to decrease and the States
Aeronautics fund to increase by the amount of annual interest
earned.
Contact:
Name: Keith Bumsted, Deputy Director and Acting Aeronautics
Division Administrator
Agency: Idaho Transportation Department
Phone: 334-8788
STATEMENT OF PURPOSE/FISCAL IMPACT H6