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S1107......................................................by STATE AFFAIRS
ENDOWMENT FUNDS - Amends the effective date clause of the legislation
passed in 1998 relating to the endowment lands and the duties of the
Endowment Fund Investment Board to provide the effective date of the repeal
of Section 57-722, Idaho Code, and the amendment to Section 57-723, Idaho
Code, shall be February 15, 1999; and to provide duties of the State
Controller on July 1, 2000.
02/04 Senate intro - 1st rdg - to printing
02/05 Rpt prt - to St Aff
02/11 Rpt out - rec d/p - to 2nd rdg
02/12 2nd rdg - to 3rd rdg
02/15 3rd rdg - PASSED - 26-1-8
AYES--Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
Crow, Darrington, Davis, Deide, Dunklin, Frasure, Geddes, Hawkins,
Keough, Lee, McLaughlin, Richardson, Riggs, Risch, Sandy, Sorensen,
Stegner, Thorne, Twiggs, Wheeler
NAYS--Whitworth
Absent and excused--Danielson, Ingram, Ipsen, King, Noh, Parry,
Schroeder, Stennett
Floor Sponsor - Danielson
Title apvd - to House
02/16 House intro - 1st rdg - to St Aff
02/26 Rpt out - rec d/p - to 2nd rdg
03/01 2nd rdg - to 3rd rdg
03/03 3rd rdg - PASSED - 62-4-4
AYES -- Alltus, Barraclough, Barrett, Bell, Bieter, Black, Boe,
Bruneel, Campbell, Chase, Clark, Crow, Cuddy, Deal, Denney,
Ellsworth, Field(13), Field(20), Geddes, Gould, Hadley, Hammond,
Hansen(23), Hansen(29), Henbest, Hornbeck, Jaquet, Jones, Judd,
Kempton, Kendell, Kunz, Lake, Limbaugh, Linford, Mader, Marley,
McKague, Meyer, Montgomery, Mortensen, Moyle, Pischner, Pomeroy,
Reynolds, Ridinger, Robison, Sali, Sellman, Smith, Smylie, Stevenson,
Stone, Taylor, Tilman, Tippets, Trail, Watson, Wheeler, Williams,
Wood, Zimmermann
NAYS -- Loertscher, Ringo, Schaefer, Stoicheff
Absent and excused -- Callister, Gagner, Kellogg, Mr Speaker
Floor Sponsor - Deal
Title apvd - to Senate
03/04 To enrol
03/05 Rpt enrol - Pres signed
03/08 Sp signed - to Governor
03/09 Governor signed
Session Law Chapter 48
Effective: 02/15/99
S1107|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature First Regular Session - 1999IN THE SENATE SENATE BILL NO. 1107 BY STATE AFFAIRS COMMITTEE 1 AN ACT 2 RELATING TO POWERS OF THE ENDOWMENT FUND INVESTMENT BOARD; AMENDING SECTION 3 63, CHAPTER 256, LAWS OF 1998, TO PROVIDE THAT THE REPEAL OF SECTION 4 57-722, IDAHO CODE, AND THE AMENDMENT TO SECTION 57-723, IDAHO CODE, 5 SHALL BE IN FULL FORCE AND EFFECT ON AND AFTER FEBRUARY 15, 1999, TO 6 DELETE REDUNDANT LANGUAGE AND TO PROVIDE DUTIES OF THE STATE CONTROLLER ON 7 JULY 1, 2000; DECLARING AN EMERGENCY AND PROVIDING RETROACTIVE APPLICA- 8 TION. 9 Be It Enacted by the Legislature of the State of Idaho: 10 SECTION 1. That Section 63, Chapter 256, Laws of 1998, be, and the same 11 is hereby amended to read as follows: 12 SECTION 63. Sections 38 and 39 of this act shall be in full force 13 and effect on and after February 15, 1999, and the remaining sections of t 14This act shall be in full force and effect on and after 15 July 1, 2000 ., provided the United States Congress has16approved amendments to Section 5 of the Idaho Admission Bill, 26 Stat. L. 215,17ch. 656, regarding sale or lease of school lands; and the state board of can-18vassers has certified that amendments to Sections 3, 4, 8 and 11 of Article IX19of the Constitution of the State of Idaho have been adopted at the general20election of 1998 regarding funds related to the public school endowment, dis-21position of school lands, and investing of permanent endowment funds.22Following the successful occurrence of the foregoing events, the governor23shall issue a proclamation declaring that the described events have occurred24and the dates of the events, and this act shall be in full force and effect on25and after the date described.26Upon enactment, tT he state controller shall transfer 27 all fund balances from the improvement funds to the respective earnings 28 reserve funds on July 1, 2000 . 29 SECTION 2. An emergency existing therefor, which emergency is hereby 30 declared to exist, this act shall be in full force and effect on and after its 31 passage and approval, and retroactively to February 15, 1999.
STATEMENT OF PURPOSE
RSO8821C1
The purpose of this bill is to implement H.J.R. 8, which was passed by the electorate
at the 1998 general election. H.J.R. 8 amended Article IX 11 to permit the
investment of permanent endowment funds in any investments "a trustee is
authorized to invest [in] pursuant to state law." This bill will allow the Endowment fund
Investment Board to begin on February 15, 1999 to invest monies in the permanent
endowments funds in accordance with the Idaho uniform Prudent Investor Act,
chapter 5, title 68, Idaho Code. Last session the Idaho Legislature approved the use
of this investment standard but delayed the effective date of this change until July 1,
2000. Chapter 256, 1998 Idaho Sess. L.825-50.
The Idaho Board of Land Commissioners requests acceleration of the effective date
for this change to the Idaho uniform prudent Investor Act to permit the Endowment
Fund Investment Board to manage the endowment funds to achieve a higher rate of
return than is currently possible under Idaho Code 57-722.
This bill also deletes reference to conditions for implementation of the legislation that
have been satisfied since the enactment of Chapter 256. 1998 Idaho Sess.L.825-50
FISCAL NOTE
This legislation is expected to enhance the endowment revenue. No fiscal impact is
expected on the general fund.
CONTACT: Senator Judi Danielson 322-1347
Representative William W. "Bill" Deal
Senator Hal Bunderson
Dept. Attorney General Clive Strong
STATEMENT OF PURPOSE/ FISCAL NOTE S1107