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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 - 2003
IN 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 exceed two five (25) years from the effective date
36 of sale. If, by the end of the second fifth 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