2002 Legislation
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HOUSE BILL NO. 493 – Capitol Endowmnt Income Fund/reduce

HOUSE BILL NO. 493

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View Statement of Purpose / Fiscal Impact



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H0493.............................................................by BIETER
CAPITOL ENDOWMENT INCOME FUND - Amends existing law to appropriate moneys
in the Capitol Endowment Income Fund to the State Board of Education; and
to provide that the Idaho State Building Authority shall not issue bonds
until such time as is necessary for the 2017 recommencement of construction
for the restoration of the Capitol Building.
                                                                        
01/28    House intro - 1st rdg - to printing
01/29    Rpt prt - to Approp

Bill Text


                                                                        
                                                                        
  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-sixth Legislature                  Second Regular Session - 2002
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 493
                                                                        
                                         BY BIETER
                                                                        
  1                                        AN ACT
  2    RELATING TO THE CAPITOL ENDOWMENT INCOME FUND; AMENDING SECTION 67-1611, IDAHO
  3        CODE, TO REMOVE LANGUAGE RELATING TO APPROVED APPROPRIATIONS,  TO  PROVIDE
  4        THAT MONEYS IN THE FUND SHALL BE APPROPRIATED TO THE STATE BOARD OF EDUCA-
  5        TION  FOR  CERTAIN  PURPOSES  FOR FISCAL YEAR 2003, TO PROVIDE LEGISLATIVE
  6        INTENT AND TO PROVIDE THAT THE IDAHO STATE BUILDING  AUTHORITY  SHALL  NOT
  7        ISSUE BONDS UNTIL SUCH TIME AS IS NECESSARY FOR THE 2017 RECOMMENCEMENT OF
  8        CONSTRUCTION FOR THE RESTORATION OF THE CAPITOL BUILDING; AND DECLARING AN
  9        EMERGENCY.
                                                                        
 10    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
 11        SECTION  1.  That  Section 67-1611, Idaho Code, be, and the same is hereby
 12    amended to read as follows:
                                                                        
 13        67-1611.  CAPITOL ENDOWMENT INCOME FUND. (1) There is  hereby  created  in
 14    the  state  treasury the capitol endowment income fund. The fund shall be man-
 15    aged by the state treasurer and shall consist of the following:
 16        (a)  Earnings of the capitol permanent endowment fund;
 17        (b)  Proceeds of the sale of timber growing upon capitol endowment lands;
 18        (c)  Proceeds of leases of capitol buildings endowment lands;
 19        (d)  Proceeds of interest charged upon deferred payments on capitol build-
 20        ings endowment lands or timber on those lands;
 21        (e)  All interests earned on the capitol endowment income fund;
 22        (f)  All public and private moneys donated and obtained  pursuant  to  the
 23        provisions of this chapter; and
 24        (g)  All  other  proceeds received from the use of capitol building endow-
 25        ment lands and not otherwise designated for deposit in the capitol  build-
 26        ings permanent endowment fund.
 27        (2)  All  moneys  in the capitol endowment income fund shall be subject to
 28    annual appropriation by the legislature.  All  moneys  shall  be  appropriated
 29    exclusively  for  the purposes of this chapter, retained for future appropria-
 30    tion, or transferred to the capitol endowment permanent  fund  by  legislative
 31    appropriation.
 32        (3)  As  of the effective date of this act, the unexpended fund balance in
 33    the capitol endowment income fund  less  three  million  dollars  ($3,000,000)
 34    shall  be appropriated to the state board of education for purposes of funding
 35    programs for the University of Idaho, Idaho State University, Boise State Uni-
 36    versity and Lewis-Clark State College for fiscal year 2003. It is  the  intent
 37    of  the  legislature  that the three million dollars ($3,000,000) remaining in
 38    the capitol endowment income fund shall be managed pursuant to this section in
 39    order to provide funding for the renovation and restoration of the state capi-
 40    tol building commencing in the year 2017 and concluding in the year 2020,  the
 41    centennial anniversary of the completed construction of the building.
 42        (4)  The  Idaho  state  building  authority shall not, after the effective
 43    date of this act, issue bonds until such time as is  necessary  for  the  2017
                                                                        
                                           2
                                                                        
  1    recommencement of construction for the restoration of the capitol building.
                                                                        
  2        SECTION  2.  An  emergency  existing  therefor,  which emergency is hereby
  3    declared to exist, this act shall be in full force and effect on and after its
  4    passage and approval.

Statement of Purpose / Fiscal Impact


	
                       STATEMENT OF PURPOSE

                            RS 11826

We legislators, like all Idahoans, want to preserve and enhance 
this beautiful Statehouse for future generations of Idahoans to 
enjoy its inspiring architecture and history. But we must first 
ensure that the students of this state can be assured the very best 
educational opportunities, especially in tougher economic times. 
Therefore, we propose setting aside $3 million a year to the 
existing Capitol Endowment Income Fund for the purpose of the 
renovation of the Statehouse beginning in the year 2017 and 
completion by the year 2020, the centennial of the completion of 
the Statehouse. The remaining funds, estimated at $25 million, 
should be allocated to the state board of education for the purpose 
of funding programs at the University of Idaho, Boise State 
University, Idaho State University and Lewis Clark State College.


                        FISCAL IMPACT

There will be no fiscal impact to the 2002 budget allocation 
since $32 million was allocated for the Capitol renovation. 
Future budgets will be impacted $3 million through the year 2016. 
In additional, any expenses involved in the issuance of the bonds 
to help fund the renovation will be delayed to coincide with 
construction in 2017.



Contact
Name:	David Bieter
Phone:	332-1130
Name:	Wendy Jaquet
Phone:	332-1130
Name:	Margaret Henbest
Phone:	332-1130
Name:	Donna Boe
Phone:	332-1130
Name:	Ken Robison
Phone:	332-1130
Name:	Chuck Cuddy
Phone:	332-1130
Name:	Mary Lou Shepherd
Phone:	332-1130
Name:	Elmer Martinez
Phone:	332-1130
Name:	Elaine Smith
Phone:	332-1130
Name:	Clint Stennett
Phone:	332-1351
Name:	Betsy Dunklin
Phone:	332-1351
Name:	Bert Marley
Phone:	332-1351


STATEMENT OF PURPOSE/FISCAL NOTE		H 493