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H0305......................................................by STATE AFFAIRS LAND SALE - LAND BANK FUND - Amends existing law to provide that the State Board of Land Commissioners may hold proceeds from the sale of land in the Land Bank Fund for a period not to exceed five years from the effective date of the sale; and to provide that if, by the end of the fifth year, the proceeds from the land sale have not been encumbered to purchase other land within the state, the proceeds shall be deposited in the Permanent Endowment Fund of the respective endowment along with any earnings on the proceeds from the land sale, unless the period is extended by the Legislature. 02/26 House intro - 1st rdg - to printing 02/27 Rpt prt - to St Aff 03/06 Rpt out - rec d/p - to 2nd rdg 03/07 2nd rdg - to 3rd rdg 03/11 3rd rdg - PASSED - 63-5-2 AYES -- Andersen, Barraclough, Bauer, Bedke, Bell, Bieter, Block, Boe, Bolz, Bradford, Campbell, Cannon, Clark, Collins, Crow, Cuddy, Deal, Denney, Douglas, Edmunson, Ellsworth, Eskridge, Field(18), Field(23), Gagner, Garrett, Henbest, Jaquet, Jones, Kellogg, Lake, Langford, Langhorst(Wallace), Martinez, McGeachin, McKague, Meyer, Miller, Mitchell, Moyle, Naccarato, Nielsen, Raybould, Ridinger, Ring, Ringo, Roberts, Robison, Rydalch, Sayler, Schaefer, Shepherd, Shirley, Skippen, Smith(30), Smith(24), Smylie, Snodgrass, Stevenson, Tilman, Trail, Wills, Mr. Speaker NAYS -- Barrett, Eberle, Harwood, Kulczyk, Sali Absent and excused -- Black, Wood Floor Sponsor - Deal Title apvd - to Senate 03/12 Senate intro - 1st rdg - to St Aff 03/19 Rpt out - rec d/p - to 2nd rdg 03/20 2nd rdg - to 3rd rdg 03/25 3rd rdg - PASSED - 35-0-0 AYES -- Andreason, Bailey, Brandt, Bunderson, Burkett, Burtenshaw, Calabretta, Cameron, Compton, Darrington, Davis, Gannon, Geddes, Goedde, Hill, Ingram, Kennedy, Keough, Little, Lodge, Malepeai, Marley, McKenzie, McWilliams, Noble, Noh, Pearce, Richardson, Schroeder, Sorensen, Stegner, Stennett, Sweet, Werk, Williams NAYS -- None Absent and excused -- None Floor Sponsor - Calabretta Title apvd - to House 03/26 To enrol 03/27 Rpt enrol - Sp signed 03/28 Pres signed 03/31 To Governor 04/04 Governor signed Session Law Chapter 230 Effective: 07/01/03
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-seventh Legislature First Regular Session - 2003IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 305 BY STATE AFFAIRS COMMITTEE 1 AN ACT 2 RELATING TO THE USE OF LAND BANK FUNDS BY THE STATE BOARD OF LAND COMMISSION- 3 ERS; AMENDING SECTION 58-133, IDAHO CODE, TO PROVIDE THAT THE STATE BOARD 4 OF LAND COMMISSIONERS MAY HOLD PROCEEDS FROM THE SALE OF LAND IN THE LAND 5 BANK FUND FOR A PERIOD NOT TO EXCEED FIVE YEARS FROM THE EFFECTIVE DATE OF 6 SALE AND TO PROVIDE THAT IF BY THE END OF THE FIFTH YEAR, THE PROCEEDS 7 FROM THE LAND SALE HAVE NOT BEEN ENCUMBERED TO PURCHASE OTHER LAND WITHIN 8 THE STATE, THE PROCEEDS SHALL BE DEPOSITED IN THE PERMANENT ENDOWMENT FUND 9 OF THE RESPECTIVE ENDOWMENT ALONG WITH ANY EARNINGS ON THE PROCEEDS FROM 10 THE LAND SALE, UNLESS THE PERIOD IS EXTENDED BY THE LEGISLATURE. 11 Be It Enacted by the Legislature of the State of Idaho: 12 SECTION 1. That Section 58-133, Idaho Code, be, and the same is hereby 13 amended to read as follows: 14 58-133. ACQUISITION, SALE, LEASE, EXCHANGE OR DONATION OF PUBLIC LANDS -- 15 CREATION AND OPERATION OF LAND BANK FUND. (1) The state board of land commis- 16 sioners may select and purchase, lease, receive by donation, hold in trust, or 17 in any manner acquire for and in the name of the state of Idaho such tracts or 18 leaseholds of land as it shall deem proper, and after inventory and classifi- 19 cation as provided herein, shall determine the best use or uses of said lands: 20 provided, however, that all state-owned lands classified as chiefly valuable 21 for forestry, reforestation, recreation and watershed protection are hereby 22 reserved from sale and set aside as state forests. 23 (2) The proceeds from the sale of state endowment land may be deposited 24 into a fund which shall be known as the "land bank fund," which is hereby cre- 25 ated in the state treasury for the purpose of temporarily holding proceeds 26 from land sales pending the purchase of other land for the benefit of the ben- 27 eficiaries of the endowment. A record shall be maintained showing separately 28 from each of the respective endowments the moneys received from the sale of 29 endowment lands. Moneys from the sale of lands which are a part of an endow- 30 ment land grant shall be used only to purchase land for the same endowment. 31 (3) All moneys deposited in the land bank fund, including earnings on 32 those moneys, are hereby continually appropriated to the state board of land 33 commissioners for the purposes enumerated in this section. The state board of 34 land commissioners may hold proceeds from the sale of land in the land bank 35 fund for a period not to exceedtwofive (25) years from the effective date 36 of sale. If, by the end of thesecondfifth year, the proceeds from the land 37 sale have not been encumbered to purchase other land within the state, the 38 proceeds shall be deposited in the permanent endowment fund of the respective 39 endowment along with any earnings on the proceeds from the land sale, unless 40 the period is extended by the legislature.
STATEMENT OF PURPOSE RS 13054 The changes to IC 58-133 through this legislation will provide the State Board of Land Commissioners (Board) a period of up to five (5) years in which use Land Bank funds to purchase other land within the state. Currently, the statute provides for a two (2) year time-period. Anticipated transactions with Land Bank funds include the purchase of timber and commercial type properties. These can be complex transactions and could easily exceed the current two (2) year period. A five (5) year period, in which to purchase land is hereby requested. This would provide the board with the needed flexibility to adequately achieve its mandate, that of maximizing returns to the endowment beneficiaries. FISCAL IMPACT None Contact Name: Winston Wiggins - Department of Lands Phone: 208/334-0200 Scott Turlington Phone: 208/334-2100 STATEMENT OF PURPOSE/FISCAL NOTE H 305