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S1505............................................................by FINANCE
PERMANENT BUILDING FUND - Amends existing law to provide that interest
earned on the investment of moneys in the Permanent Building Fund be
retained by the fund.
02/18 Senate intro - 1st rdg - to printing
02/19 Rpt prt - to Fin
02/25 Rpt out - rec d/p - to 2nd rdg
02/26 2nd rdg - to 3rd rdg
02/27 3rd rdg - PASSED - 35-0-0
AYES -- Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
Crow, Danielson, Darrington, Diede, Dunklin, Frasure, Geddes, Hansen,
Hawkins, Ingram, Ipsen, Keough, King, Lee, McLaughlin, Noh, Parry,
Richardson, Riggs, Risch, Sandy, Schroeder, Sorensen, Stennett,
Sweeney, Thorne, Twiggs, Wheeler, Whitworth
NAYS -- None
Absent and excused -- None
Floor Sponsor - Parry
Title apvd - to House
03/02 House intro - 1st rdg - to 2nd rdg
03/03 2nd rdg - to 3rd rdg
03/06 3rd rdg - PASSED - 66-0-4
AYES -- Alltus, Barraclough, Barrett, Bell, Bieter, Bivens,
Black(15), Black(23), Boe, Bruneel, Callister, Campbell, Chase,
Crane, Crow, Deal, Denney, Ellsworth, Field(13), Field(20), Gagner,
Geddes, Gould, Hadley, Henbest, Hornbeck, Jaquet, Jones(9),
Jones(22), Judd, Kellogg, Kempton, Kendell, Kjellander, Kunz, Lake,
Linford, Loertscher, Mader, Marley, McKague, Meyer, Miller,
Mortensen, Newcomb, Pischner, Pomeroy, Reynolds, Richman, Ridinger,
Robison, Sali, Schaefer, Stevenson, Stoicheff, Stone, Stubbs, Taylor,
Tilman, Tippets, Trail, Watson, Wheeler, Wood, Zimmermann, Mr Speaker
NAYS -- None
Absent and excused -- Clark, Cuddy, Hansen, Jones(20)
Floor Sponsor - Geddes
Title apvd - to Senate
03/09 To enrol
03/10 Rpt enrol - Pres signed
03/10 Sp signed
03/11 To Governor
03/13 Governor signed
Session Law Chapter 26
Effective: 07/01/99
S1505|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fourth Legislature Second Regular Session - 1998IN THE SENATE SENATE BILL NO. 1505 BY FINANCE COMMITTEE 1 AN ACT 2 RELATING TO THE PERMANENT BUILDING FUND; AMENDING SECTION 57-1108, IDAHO CODE, 3 TO PROVIDE THAT INTEREST EARNINGS FROM THE INVESTMENT OF MONEYS IN THE 4 FUND SHALL BE RETAINED BY THE FUND; AND PROVIDING AN EFFECTIVE DATE. 5 Be It Enacted by the Legislature of the State of Idaho: 6 SECTION 1. That Section 57-1108, Idaho Code, be, and the same is hereby 7 amended to read as follows: 8 57-1108. PERMANENT BUILDING FUND CREATED -- USE OF FUND. The permanent 9 building fund is hereby created and established in the state treasury to which 10 shall be deposited all revenues derived from taxes imposed and transfers 11 authorized pursuant to the provisions of this act. All moneys now or hereafter 12 in the permanent building fund are hereby dedicated for the purpose of build- 13 ing needed structures, renovations, repairs to and remodeling of existing 14 structures at the several state institutions and for the several agencies of 15 state government. The state treasurer shall invest the idle moneys in 16 the fund, and the interest earned on such investments shall be retained by the 17 fund. 18 SECTION 2. This act shall be in full force and effect on and after July 19 1, 1999.
STATEMENT OF PURPOSE
RS 08069C1
This legislation amends the Section 57-1108, Idaho Code, with respect to the Permanent
Building Fund, to provide that effective July 1, 1999, the interest earnings on the fund balance will
be retained by the fund. Currently the interest earned is paid to the General Fund.
FISCAL NOTE
Beginning in fiscal year 2000, there will be a decrease in the State Treasurer's investment
earnings for the General Fund. Assuming a $60 million average balance in the Permanent Building
Fund during the year, and a 5.0% rate of return for the State Treasurer's idle funds investments,
the reduction to the General Fund will be $3 million.
Contact: Gordon Fisher
Budget & Policy Analysis
334-4738
STATEMENT OF PURPOSE/FISCAL NOTE
S 1505