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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
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-sixth Legislature Second Regular Session - 2002IN 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 appropriated29exclusively for the purposes of this chapter, retained for future appropria-30tion, or transferred to the capitol endowment permanent fund by legislative31appropriation.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 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