Print Friendly HOUSE BILL NO. 64 – STOREfund/Endowment Fund Bd manage
HOUSE BILL NO. 64
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H0064........................................................by MR. SPEAKER
Requested by Department of Parks and Recreation
STORE FUND - MANAGEMENT - Amends existing law to provide that the State
Trust for Outdoor Recreation Enhancement Fund shall be managed by the
Endowment Fund Investment Board; to provide that realized earnings shall be
credited to the State Trust for Outdoor Recreation Enhancement Fund; and to
provide that, at the discretion of the Park and Recreation Board, the Park
Lands Account shall be managed by the Endowment Fund Investment Board.
01/11 House intro - 1st rdg - to printing
01/11 Rpt prt - to Res/Con
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature First Regular Session - 1999
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 64
BY MR. SPEAKER
Requested by: Department of Parks and Recreation
1 AN ACT
2 RELATING TO PARKS AND RECREATION; AMENDING SECTION 67-4247, IDAHO CODE, TO
3 PROVIDE THAT THE STATE TRUST FOR OUTDOOR RECREATION ENHANCEMENT FUND SHALL
4 BE MANAGED BY THE ENDOWMENT FUND INVESTMENT BOARD AND TO PROVIDE THAT
5 REALIZED EARNINGS SHALL BE CREDITED TO THE STATE TRUST FOR OUTDOOR RECRE-
6 ATION ENHANCEMENT FUND; AND AMENDING SECTION 67-4244, IDAHO CODE, TO PRO-
7 VIDE THAT AT THE DISCRETION OF THE PARK AND RECREATION BOARD THE PARK LAND
8 ACCOUNT SHALL BE MANAGED BY THE ENDOWMENT FUND INVESTMENT BOARD.
9 Be It Enacted by the Legislature of the State of Idaho:
10 SECTION 1. That Section 67-4247, Idaho Code, be, and the same is hereby
11 amended to read as follows:
12 67-4247. STATE TRUST FUND FOR OUTDOOR RECREATION ENHANCEMENT -- CREATION,
13 ADMINISTRATION, ELIGIBLE RECIPIENTS. (1) There is hereby created and estab-
14 lished in the state treasury a fund to be known and designated as the "state
15 trust for outdoor recreation enhancement (STORE)." The park and recreation
16 board may dedicate funds acquired by gift, agreement, donation, appropriation
17 or otherwise to the STORE fund. The fund shall be managed by the endow-
18 ment fund investment board in accordance with chapter 5, title 68, Idaho Code.
19 All realized earnings shall be credited to the STORE fund created in this sec-
21 (2) Commencing with the passage and approval of this act, all interest
22 income from the STORE fund is hereby appropriated to, and is to be adminis-
23 tered by, the park and recreation board for the purpose of carrying out the
24 provisions of this act.
25 (a) Up to fifteen percent (15%) of the STORE fund interest income appro-
26 priated to the department each year may be used by the department to
27 defray STORE program administrative costs. Any moneys unused at the end of
28 the fiscal year shall be returned to the state treasurer for deposit in
29 the STORE fund.
30 (b) The park and recreation board may return interest income to the STORE
31 fund to increase the trust principal.
32 (3) The department shall use the moneys appropriated from the interest
33 income on the STORE fund to:
34 (a) Operate a grant program to fund capital improvements, repairs,
35 renovations, and land acquisitions that enhance opportunities for outdoor
36 recreation. Indoor swimming pools and indoor ice rinks shall be eligible
37 to receive grant funding provided use is primarily for public recreation.
38 Grant recipients shall be required to provide a fifty percent (50%) match
39 for all grants.
40 (b) Organize and operate a recreation incentive program to initiate posi-
41 tive growth activities for children and young adults and which will assist
42 rural communities to meet the growing demand for recreation services.
43 (4) The state of Idaho and any of its subdivisions legally authorized to
1 provide public recreation facilities may apply for and receive grant funds.
2 (5) Because public, private, and corporate moneys will be contributed to
3 the STORE fund, it is the intent of the legislature to protect the STORE fund
4 against appropriations for purposes other than those stated in this act.
5 SECTION 2. That Section 67-4244, Idaho Code, be, and the same is hereby
6 amended to read as follows:
7 67-4244. APPROPRIATION -- USE OF INCOME. The legislature may authorize an
8 appropriation of moneys in the park land account, which is hereby created in
9 the agency asset fund of the state treasurer, for the purposes of this chap-
10 ter. Income from the sale or management of property in the park land trust
11 shall be returned as a recovered expense to the park land account and may be
12 used to acquire property under section 67-4224, Idaho Code. At the dis-
13 cretion of the park and recreation board, the park land account shall be man-
14 aged by the endowment fund investment board in accordance with chapter 5,
15 title 68, Idaho Code. All interest earned on idle moneys in the park
16 land account shall accrue to that account.
STATEMENT OF PURPOSE
The purpose of this proposed legislation is to allow the Idaho Park
and Recreation Board to invest principal funds in the State Trust
For Outdoor Recreation Enhancement (STORE) and the Park Land Trust,
which includes the Harriman Trust, with the Endowment Fund
Investment Board. This will increase the amount of funds available
for grants to state and local governments for outdoor recreation
facilities by an estimated 5 to 10 percent annually once funding is
secured for STORE. It will also reduce general fund dependency for
other trusts held by the department.
There will by no negative fiscal impact resulting from this
proposed legislation. All investment management fees will be paid
from investment earnings.
Name: Mark E. Brandt
Agency: Idaho Department of Parks and Recreation
Phone: 334-4180 ext. 224
Statement of Purpose/Fiscal Impact H 6