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H0001..................................................................by LAKE
IDAHO MILLENNIUM FUND - Amends existing law to revise the distribution of
funds to the Idaho Millennium Income Fund from the Idaho Millennium Fund.
01/06 House intro - 1st rdg - to printing
Rpt prt - to St Aff
01/13 Rpt out - rec d/p - to 2nd rdg
01/14 2nd rdg - to 3rd rdg
01/15 3rd rdg - PASSED - 65-0-5
AYES -- Andersen, Barraclough, Barrett, Bauer, Bedke, Bell, Black,
Block, Boe, Bolz, Bradford, Campbell, Cannon, Clark, Collins, Cuddy,
Deal, Denney, Douglas, Eberle, Edmunson, Ellsworth, Eskridge, Field(18),
Field(23), Gagner, Garrett, Harwood, Henbest, Jaquet, Jones, Kellogg,
Kulczyk, Lake, Langford, Langhorst, McGeachin, McKague, Meyer, Miller,
Mitchell, Moyle, Nacarrato, Raybould, Ridinger, Ring, Ringo, Roberts,
Robison, Rydalch, Sali, Sayler, Schaefer(Schumacher), Shepherd, Shirley,
Skippen, Smith(30), Smith(24), Smylie, Snodgrass, Stevenson, Tilman,
Trail, Wills, Wood
NAYS -- None
Absent and excused -- Bieter, Crow, Martinez, Nielsen, Mr. Speaker
Floor Sponsor - Lake
Title apvd - to Senate
01/16 Senate intro - 1st rdg - to St Aff
01/21 Rpt out - rec d/p - to 2nd rdg
01/22 2nd rdg - to 3rd rdg
01/27 3rd rdg - PASSED - 32-0-3
AYES -- Andreason, Bailey, Brandt, Bunderson, Burkett, Burtenshaw,
Cameron, Compton, Darrington, Davis, Gannon, Geddes, Goedde, Hill,
Ingram, Kennedy, Keough, Little, Lodge, Malepeai, Marley, McKenzie,
McWilliams, Noble, Noh, Pearce, Schroeder, Sorensen, Stegner, Stennett,
Sweet, Werk
NAYS -- None
Absent and excused -- Calabretta, Richardson, Williams
Floor Sponsor - Darrington
Title apvd - to House
01/27 To enrol
01/28 Rpt enrol - Sp signed
01/29 Pres signed - to Governor
02/04 Governor signed
Session Law Chapter 1
Effective: 02/04/03
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-seventh Legislature First Regular Session - 2003
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 1
BY LAKE
1 AN ACT
2 RELATING TO THE IDAHO MILLENNIUM INCOME FUND; AMENDING SECTION 67-1803, IDAHO
3 CODE, TO REVISE THE DISTRIBUTION OF FUNDS TO THE IDAHO MILLENNIUM INCOME
4 FUND; AND DECLARING AN EMERGENCY.
5 Be It Enacted by the Legislature of the State of Idaho:
6 SECTION 1. That Section 67-1803, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 67-1803. DISTRIBUTION OF FUNDS. On the first business day of each month
9 July, or as soon thereafter as possible, the state treasurer shall distribute
10 one-twelfth (1/12) of to the Idaho millennium income fund five percent (5%) of
11 the Idaho millennium fund's average monthly fair market value to the Idaho
12 millennium income fund for the first twelve (12) months of the preceding
13 twenty-four (24) months. Provided however, that the distribution shall not
14 exceed the Idaho millennium fund's fair market value on the first business day
15 in July.
16 SECTION 2. An emergency existing therefor, which emergency is hereby
17 declared to exist, this act shall be in full force and effect on and after its
18 passage and approval.
STATEMENT OF PURPOSE
RS 12430
This legislation would change the formula for distributing money from
the Idaho Millennium Fund to the Idaho Millennium Income Fund.
Under current law, each month one-twelfth (1/12) of five percent (5%)
of the fair market value of the Millennium Fund is distributed to the
Income Fund. This distribution is used to fund the current fiscal
year appropriation from the Income Fund. As a result, appropriations
are made based on projected distributions.
This legislation would change the distribution formula such that
appropriations would be made based on five percent (5%) of the
Millennium Fund's actual average monthly fair market value for the
fiscal year immediately preceding the fiscal year during which the
Legislature is in session (e.g. the amount available for distribution
in fiscal year 2004 would be based upon the actual average monthly
fair market value for fiscal year 2002, since the Legislature would be
in session in the middle of fiscal year 2003).
The benefits of this legislation are fourfold. First, by setting an
appropriation based on actual rather than projected values, programs
are assured of being fully funded. (Currently, if the appropriation
exceeds total distributions, due to actual market values falling short
of projections, the State Treasurer is given authority to allocate the
amount available proportionately.) Second, programs will receive
their funding in one lump sum at the beginning of the fiscal year
rather than in monthly payments. Third, using actual rather than
projected numbers will significantly simplify and improve the
legislative process of reviewing funding requests. Finally, this
legislation will relieve the State Treasurer of unnecessary
administrative burdens resulting from current law.
FISCAL IMPACT
No fiscal impact to the General Fund.
Contact
Name: Rep. Dennis Lake
Phone: 332-1000 H