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SJR106.....................................................by STATE AFFAIRS
MILLENNIUM INCOME FUND - EXPENDITURES - Proposing an amendment to the
Constitution of the State of Idaho to create, in the state treasury, the
Idaho Millennium Fund; to provide that the fund shall consist of certain
specified moneys; to provide that the Idaho Millennium Fund may have its
moneys invested as provided in Section 11, Article IX of the Constitution
of the State of Idaho; to provide that any expenditures of moneys from the
Idaho Millennium Income Fund shall only be made as provided by law.
03/12 Senate intro - 1st rdg - to printing
Rpt prt - to St Aff
Rpt out - rec d/p - to 2nd rdg
Rls susp - PASSED - 32-0-3
AYES -- Andreason, Boatright, Branch(Bartlett), Brandt, Bunderson,
Burtenshaw, Cameron, Darrington, Davis, Deide, Dunklin, Frasure,
Goedde, Hawkins, Hill, Ingram, Keough, Little, Lodge, Marley, Noh,
Richardson, Risch, Sandy, Schroeder, Sims, Sorensen, Stegner,
Stennett, Thorne, Wheeler, Williams
NAYS -- None
Absent and excused -- Geddes, Ipsen, King-Barrutia
Floor Sponsor - Sandy
Title apvd - to House
03/13 House intro - 1st rdg - to St Aff
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
IN THE SENATE
SENATE JOINT RESOLUTION NO. 106
BY STATE AFFAIRS COMMITTEE
1 A JOINT RESOLUTION
2 PROPOSING AN AMENDMENT TO ARTICLE VII, OF THE CONSTITUTION OF THE STATE OF
3 IDAHO, RELATING TO FINANCE AND REVENUE OF THE STATE BY THE ADDITION OF A
4 NEW SECTION 18, ARTICLE VII, TO CREATE IN THE STATE TREASURY THE IDAHO
5 MILLENNIUM FUND AND THE IDAHO MILLENNIUM INCOME FUND, TO PROVIDE THAT THE
6 IDAHO MILLENNIUM FUND SHALL CONSIST OF SUCH MONEYS THAT MAY BE PROVIDED BY
7 LEGISLATIVE APPROPRIATIONS, FROM THE TOBACCO MASTER SETTLEMENT AGREEMENT
8 AND FROM ANY OTHER SOURCE, TO PROVIDE THAT THE IDAHO MILLENNIUM FUND MAY
9 HAVE ITS MONEYS INVESTED AS PROVIDED IN SECTION 11, ARTICLE IX, TO PROVIDE
10 THAT THE IDAHO MILLENNIUM INCOME FUND SHALL CONSIST OF DISTRIBUTIONS FROM
11 THE IDAHO MILLENNIUM FUND AND SUCH MONEYS THAT MAY BE PROVIDED BY LEGISLA-
12 TIVE APPROPRIATIONS AND TO PROVIDE THAT ANY EXPENDITURES OF MONEYS FROM
13 THE IDAHO MILLENNIUM INCOME FUND SHALL ONLY BE MADE AS PROVIDED BY LAW AND
14 SHALL NOT ANNUALLY EXCEED FIVE PERCENT OF THE IDAHO MILLENNIUM FUND'S FAIR
15 MARKET VALUE EXCEPT WITH THE APPROVAL OF TWO-THIRDS OF THE ENTIRE MEMBER-
16 SHIP OF THE HOUSE OF REPRESENTATIVES AND OF THE SENATE; STATING THE QUES-
17 TION TO BE SUBMITTED TO THE ELECTORATE; DIRECTING THE LEGISLATIVE COUNCIL
18 TO PREPARE THE STATEMENTS REQUIRED BY LAW; AND DIRECTING THE SECRETARY OF
19 STATE TO PUBLISH THE AMENDMENT AND ARGUMENTS AS REQUIRED BY LAW.
20 Be It Resolved by the Legislature of the State of Idaho:
21 SECTION 1. That Article VII, of the Constitution of the State of Idaho
22 be amended by the addition thereto of a NEW SECTION, to be known and desig-
23 nated as Section 18, Article VII, of the Constitution of the State of Idaho
24 and to read as follows:
25 SECTION 18. IDAHO MILLENNIUM FUND AND IDAHO MILLENNIUM INCOME
26 FUND -- PROPER EXPENDITURES. There are hereby created in the state
27 treasury the "Idaho Millennium Fund" and the "Idaho Millennium Income
28 Fund." The Idaho millennium fund shall consist of such moneys that
29 may be provided by legislative appropriations, from the tobacco mas-
30 ter settlement agreement and from any other source. The Idaho
31 millennium fund may have its moneys invested as provided in Section
32 11, Article IX. The Idaho millennium income fund shall consist of
33 distributions from the Idaho millennium fund and such moneys that may
34 be provided by legislative appropriations. Any expenditures of moneys
35 from the Idaho millennium income fund shall only be made as provided
36 by law and shall not annually exceed five percent of the Idaho
37 millennium fund's fair market value except with the approval of two-
38 thirds of the entire membership of the house of representatives and
39 of the senate.
40 SECTION 2. The question to be submitted to the electors of the State of
41 Idaho at the next general election shall be as follows:
42 "Shall Article VII, of the Constitution of the State of Idaho be amended
2
1 by the addition of a new Section 18, Article VII, to create in the state trea-
2 sury the Idaho Millennium Fund which shall consist of such moneys that may be
3 provided by legislative appropriations, from the Tobacco Master Settlement
4 Agreement and from any other source, to provide that the Idaho Millennium Fund
5 may have its moneys invested in United States, state, county, city, village or
6 school district bonds or state warrants or other investments in which a
7 trustee is authorized to invest pursuant to state law, to create the Idaho
8 Millennium Income Fund which shall consist of distributions from the Idaho
9 Millennium Fund and such moneys that may be provided by legislative appropria-
10 tions and to provide that any expenditures of moneys from the Idaho Millennium
11 Income Fund shall only be made as provided by law and shall not annually
12 exceed five percent of the Idaho Millennium Fund's fair market value except
13 with the approval of two-thirds of the entire membership of the House of Rep-
14 resentatives and of the Senate?".
15 SECTION 3. The Legislative Council is directed to prepare the statements
16 required by Section 67-453, Idaho Code, and file the same.
17 SECTION 4. The Secretary of State is hereby directed to publish this pro-
18 posed constitutional amendment and arguments as required by law.
STATEMENT OF PURPOSE
RS 12217C1
To ensure that legislative intent pursuant to present code is
followed by future legislatures to provide protection of the
fund's corpus and the assurance that earnings will be distributed
from the fund into the future.
The fund shall consist of the corpus of the Idaho Millennium fund,
such monies that may be provided by legislative appropriations, or
from other sources.
To provide that monies may be invested pursuant to Section 11,
Article 9 of the Idaho Constitution and to provide that
expenditures from the fund shall be made pursuant to Idaho code.
FISCAL IMPACT
Nothing but positive
Contact
Name: John Sandy
Phone: 332-1305
STATEMENT OF PURPOSE/FISCAL NOTE SJR 106