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H0436......................................................by STATE AFFAIRS
ENDOWMENT FUND INVESTMENT BOARD - Amends existing law to provide that
meetings of the Endowment Fund Investment Board shall be held at least
quarterly; to delete the requirement that meetings must be held in the
state capitol; to provide that the Endowment Fund Investment Board shall
contract with or employ a manager of investments; to provide duties of the
manager of investments; and to provide powers and duties of the manager of
investments and portfolio manager.
01/25 House intro - 1st rdg - to printing
01/26 Rpt prt - to Agric Aff
02/04 Rpt out - rec d/p - to 2nd rdg
02/07 2nd rdg - to 3rd rdg
02/08 3rd rdg - PASSED - 66-1-3
AYES -- Barraclough, Barrett, Bell, Bieter, Black, Boe, Bruneel,
Callister, Campbell, Chase, Cheirrett, Clark, Cuddy, Deal, Denney,
Ellsworth, Field(13), Field(20), Gagner, Geddes, Gould, Hadley,
Hammond, Hansen(23), Hansen(29), Henbest, Hornbeck, Jones, Judd,
Kellogg, Kempton, Kendell, Lake, Linford, Loertscher, Mader, Marley,
McKague, Meyer, Montgomery, Mortensen, Moss, Moyle, Pearce, Pischner,
Pomeroy, Reynolds, Ridinger, Ringo, Robison, Sali, Schaefer, Sellman,
Shepherd, Smith, Smylie, Stevenson, Stoicheff, Stone, Taylor, Tilman,
Trail(Miller), Wheeler, Wood, Zimmermann, Mr Speaker
NAYS -- Jaquet
Absent and excused -- Alltus, Crow, Kunz
Floor Sponsor - Deal
Title apvd - to Senate
02/09 Senate intro - 1st rdg - to St Aff
02/15 Rpt out - rec d/p - to 2nd rdg
02/16 2nd rdg - to 3rd rdg
03/22 3rd rdg - PASSED - 35-0-0
AYES -- Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
Crow, Danielson, Darrington, Davis, Deide, Dunklin, Frasure, Geddes,
Hawkins, Ingram, Ipsen, Keough, King-Barrutia, Lee, McLaughlin, Noh,
Parry, Richardson, Riggs, Risch, Sandy, Schroeder, Sorensen, Stegner,
Stennett, Thorne, Wheeler, Whitworth, Williams
NAYS -- None
Absent and excused -- None
Floor Sponsor - Danielson
Title apvd - to House
03/23 To enrol
03/24 Rpt enrol - Sp signed
03/27 Pres signed
To Governor
03/29 Governor signed
Session Law Chapter 65
Effective: 07/01/00
H0436
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 436
BY STATE AFFAIRS COMMITTEE
1 AN ACT
2 RELATING TO THE ENDOWMENT FUND INVESTMENT BOARD; AMENDING SECTION 57-719,
3 IDAHO CODE, TO PROVIDE THAT MEETINGS SHALL BE HELD AT LEAST QUARTERLY AND
4 TO DELETE THE REQUIREMENT THAT MEETINGS MUST BE HELD IN THE STATE CAPITOL;
5 AMENDING SECTION 57-721, IDAHO CODE, AS AMENDED BY SECTION 37, CHAPTER
6 256, LAWS OF 1998, TO PROVIDE THAT THE ENDOWMENT FUND INVESTMENT BOARD
7 SHALL CONTRACT WITH OR EMPLOY A MANAGER OF INVESTMENTS AND TO PROVIDE
8 DUTIES OF THE MANAGER OF INVESTMENTS; AMENDING SECTION 57-727, IDAHO CODE,
9 TO PROVIDE POWERS AND DUTIES OF THE MANAGER OF INVESTMENTS AND PORTFOLIO
10 MANAGERS; AND PROVIDING AN EFFECTIVE DATE.
11 Be It Enacted by the Legislature of the State of Idaho:
12 SECTION 1. That Section 57-719, Idaho Code, be, and the same is hereby
13 amended to read as follows:
14 57-719. BOARD -- APPOINTMENT OF MEMBERS -- TERM -- REMOVAL -- VACANCIES
15 -- ORGANIZATION -- QUORUM -- MEETINGS -- COMPENSATION. The members of the
16 board appointed by the governor shall serve for terms of four (4) years, pro-
17 vided that for the first term the governor shall appoint three (3) members who
18 shall serve for a term of two (2) years, two (2) members who shall serve for a
19 term of three (3) years, and two (2) members who shall serve for a term of
20 four (4) years. Members of the board shall serve until their successors have
21 been selected and qualified.
22 A member of the board appointed by the governor shall not hold an office,
23 position, or employment in a political party, with the exception of those mem-
24 bers from the house of representatives and the senate. An appointed member may
25 be removed from the board for cause by a two-thirds (2/3) vote of the full
26 board.
27 A vacancy in the appointive membership of the board during a term thereof
28 shall be filled by appointment by the governor for the unexpired term.
29 There shall be a chairman of the board elected by a majority of the mem-
30 bers of the board. A majority of the members of the board shall constitute a
31 quorum for the transaction of business.
32 The meetings of the board shall be held at least quarterly at the state
33 capitol in Boise and at other times upon the call of the chairman or a major-
34 ity of the board. The board members appointed hereunder shall be compensated
35 as provided by section 59-509(h), Idaho Code, for attending meetings of the
36 board.
37 SECTION 2. That Section 57-721, Idaho Code, as amended by Section 37,
38 Chapter 256, Laws of 1998, be, and the same is hereby amended to read as fol-
39 lows:
40 57-721. MANAGEMENT OF PERMANENT ENDOWMENT FUNDS BY INVESTMENT MANAGER(S)
41 MANAGER OF INVESTMENTS -- APPOINTMENT OF CUSTODIAN OF PERMANENT ENDOWMENT
2
1 FUNDS. The investment board shall select and contract with or employ a minimum
2 of one (1) investment manager(s) manager of investments to manage the perma-
3 nent endowment funds and the earnings reserve funds. Such investment
4 manager(s) so selected The manager of investments who is employed or con-
5 tracted with shall, subject to the direction of the investment board, exert
6 control over the funds as though the investment manager(s) manager of invest-
7 ments were the owner thereof.
8 The investment board may select and contract with a minimum of one (1)
9 bank or trust company to act as custodian of endowment fund assets and provide
10 safekeeping thereof.
11 SECTION 3. That Section 57-727, Idaho Code, be, and the same is hereby
12 amended to read as follows:
13 57-727. STAFF INVESTMENT MANAGER OF INVESTMENTS -- STAFF -- LEGAL ADVIS-
14 ORS. (1) With the approval of two-thirds (2/3) of the members of the board, a
15 staff investment manager of investments and assistant staff investment
16 manager(s) other portfolio managers may be employed or contracted with who
17 shall perform such managerial activities and functions as the board may
18 direct. The staff investment manager of investments and assistant staff
19 investment manager(s) portfolio managers shall serve at the pleasure of the
20 board in nonclassified positions, if such persons are employees. The staff
21 investment manager of investments and assistant staff investment manager(s)
22 shall portfolio managers may either be employed by the board or serve pursuant
23 to contract. The salary or compensation of the staff investment manager of
24 investments and assistant staff investment manager(s) portfolio managers shall
25 be set by the board, subject to approval of the governor, and be paid from
26 appropriations made therefor. The staff investment manager of investments and
27 assistant staff investment manager(s) portfolio managers shall be bonded in an
28 amount established by the board if these persons are employees. If these func-
29 tions are performed pursuant to contract, the contract shall contain a clause
30 to provide for bonding of the contractor's personnel.
31 (2) The board may authorize the employment of whatever staff it deems
32 necessary for the administration of the board's business. The staff investment
33 manager shall of investments may hire such authorized additional portfolio
34 managers and other necessary staff who shall hold their respective positions
35 subject to the rules of the administrator of the division of human resources
36 promulgated pursuant to chapter 52, title 67, Idaho Code. The salaries of all
37 staff members shall be paid from appropriations made therefor.
38 (3) The director of the department of finance shall have access to any
39 and all books and records maintained by the staff investment manager of
40 investments and his staff as the board may deem necessary.
41 (4) The board shall be furnished adequate and qualified legal advisors by
42 the attorney general's office.
43 (5) All current expenses, capital outlay, and travel expenses shall be
44 paid from appropriations made therefor.
45 (6) The board shall, upon request of the agency involved, furnish advice
46 to the treasurer, the manager of the state insurance fund, and the public
47 employees retirement board, and the board may, upon request of the agency,
48 invest funds of the requesting agency.
49 SECTION 4. This act shall be in full force and effect on and after July
50 1, 2000.
STATEMENT OF PURPOSE
RS 09531
Relating to the Endowment Fund Investment Board. Amending I. C.
57-719 to provide that meetings shall be held at least quarterly
and to delete the requirement that meetings must be held in the
State Capitol building. Also to amend I. C. 57-721, to allow for
the contracting or employment of a Manager of Investments and to
provide duties of the manager of Investments. Amendment to IC
57-727 to provide powers and duties of the Manger of Investments
and portfolio manager.
FISCAL IMPACT
Contact:
Name: Representative Bill Deal
Phone: (208) 332-1000
STATEMENT OF PURPOSE/FISCAL NOTE H 436