Print Friendly HOUSE BILL NO. 493 – Capitol Endowmnt Income Fund/reduce
HOUSE BILL NO. 493
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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 - 2002
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 493
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
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
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
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
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.
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.
Name: David Bieter
Name: Wendy Jaquet
Name: Margaret Henbest
Name: Donna Boe
Name: Ken Robison
Name: Chuck Cuddy
Name: Mary Lou Shepherd
Name: Elmer Martinez
Name: Elaine Smith
Name: Clint Stennett
Name: Betsy Dunklin
Name: Bert Marley
STATEMENT OF PURPOSE/FISCAL NOTE H 493