2004 Legislation
Print Friendly

SENATE BILL NO. 1238 – Capital endowment funds, deposits

SENATE BILL NO. 1238

View Bill Status

View Bill Text

View Statement of Purpose / Fiscal Impact



Text to be added within a bill has been marked with Bold and
Underline. Text to be removed has been marked with
Strikethrough and Italic. How these codes are actually displayed will
vary based on the browser software you are using.

This sentence is marked with bold and underline to show added text.

This sentence is marked with strikethrough and italic, indicating
text to be removed.

Bill Status



S1238......................................................by STATE AFFAIRS
CAPITOL PERMANENT ENDOWMENT FUNDS - Amends existing law to provide for the
retention of earnings of the Capitol Permanent Endowment Fund; to provide
for the deposit of proceeds of timber sales, capitol buildings endowment
land lease revenues and interest charged on deferred payments on capitol
buildings endowment lands or timber on those lands into the Capitol
Permanent Endowment Fund; to provide for the annual distribution of an
amount determined by the Endowment Fund Investment Board to the Capitol
Endowment Income Fund; and to provide for distribution from the Capitol
Permanent Endowment Fund to the Capitol Endowment Income Fund.
                                                                        
01/27    Senate intro - 1st rdg - to printing
01/28    Rpt prt - to St Aff
02/05    Rpt out - rec d/p - to 2nd rdg
02/06    2nd rdg - to 3rd rdg
02/11    3rd rdg - PASSED - 34-0-1
      AYES -- Andreason, Bailey, Brandt, Bunderson, Burkett, Burtenshaw,
      Cameron, Compton, Darrington, Davis(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 -- Calabretta
    Floor Sponsor - Little
    Title apvd - to House
02/12    House intro - 1st rdg - to St Aff
02/19    Rpt out - rec d/p - to 2nd rdg
02/20    2nd rdg - to 3rd rdg
03/01    3rd rdg - PASSED - 67-0-3
      AYES -- Andersen, Barraclough, Barrett, Bauer, Bayer, Bedke, Bell,
      Black, Block, Boe, Bolz, Bradford, Campbell, Cannon, Clark, Collins,
      Crow, Cuddy, Deal, Denney, Douglas, Eberle, Edmunson, Ellsworth,
      Eskridge, Field(18), Field(23), Gagner, Garrett, Harwood, Henbest,
      Jaquet, Jones, Kellogg, Kulczyk, Lake, Langford, Langhorst, Martinez,
      McGeachin, McKague, Meyer, Miller, Mitchell, Moyle, Naccarato,
      Nielsen, Pasley-Stuart, Raybould, Ridinger, Ringo, Roberts, Robison,
      Rydalch, Sali, Sayler, Schaefer, Shepherd, Skippen, Smith(30),
      Smith(24), Smylie, Snodgrass, Stevenson, Trail(Bennett), Wood, Mr.
      Speaker
      NAYS -- None
      Absent and excused -- Ring, Shirley, Wills
    Floor Sponsor - Clark
    Title apvd - to Senate
03/02    To enrol
03/03    Rpt enrol - Pres signed
03/04    Sp signed
03/05    To Governor - Governor signed
         Session Law Chapter 25
         Effective: 07/01/04 with specific application

Bill Text


                                                                        
                                                                        
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-seventh Legislature                 Second Regular Session - 2004
                                                                        
                                                                        
                                       IN THE SENATE
                                                                        
                                    SENATE BILL NO. 1238
                                                                        
                                 BY STATE AFFAIRS COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO CAPITOL ENDOWMENT FUNDS; AMENDING SECTION 67-1610, IDAHO CODE,  TO
  3        PROVIDE  FOR  THE RETENTION OF EARNINGS OF THE CAPITOL PERMANENT ENDOWMENT
  4        FUND, TO PROVIDE FOR THE DEPOSIT OF  PROCEEDS  OF  TIMBER  SALES,  CAPITOL
  5        BUILDINGS  ENDOWMENT  LAND  LEASE REVENUES AND INTEREST CHARGED ON CAPITOL
  6        BUILDINGS DEFERRED PAYMENTS ON ENDOWMENT LANDS OR TIMBER  ON  THOSE  LANDS
  7        INTO  THE  CAPITOL  PERMANENT ENDOWMENT FUND AND TO PROVIDE FOR THE ANNUAL
  8        DISTRIBUTION OF AN AMOUNT DETERMINED  BY  THE  ENDOWMENT  FUND  INVESTMENT
  9        BOARD  TO  THE  CAPITOL  ENDOWMENT  INCOME FUND; AMENDING SECTION 67-1611,
 10        IDAHO CODE, TO PROVIDE FOR DISTRIBUTION FROM THE CAPITOL PERMANENT  ENDOW-
 11        MENT  FUND TO THE CAPITOL ENDOWMENT INCOME FUND AND TO DELETE REFERENCE TO
 12        PROCEEDS OF THE SALE OF  TIMBER  GROWING  UPON  CAPITOL  ENDOWMENT  LANDS,
 13        LEASES  OF  CAPITOL  BUILDINGS  ENDOWMENT  LANDS AND INTEREST CHARGED UPON
 14        DEFERRED PAYMENTS ON CAPITOL BUILDINGS ENDOWMENT LANDS OR TIMBER ON  THOSE
 15        LANDS; PROVIDING AN EFFECTIVE DATE AND PROVIDING APPLICATION.
                                                                        
 16    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
 17        SECTION  1.  That  Section 67-1610, Idaho Code, be, and the same is hereby
 18    amended to read as follows:
                                                                        
 19        67-1610.  CAPITOL PERMANENT ENDOWMENT FUND.  (1)  There is hereby  created
 20    a  permanent  fund within the state treasury to be known as the capitol perma-
 21    nent endowment fund, consisting of, from this point forward: (a) the  proceeds
 22    of  the sale of lands granted to the state of Idaho for the purpose of facili-
 23    tating the construction, repair, furnishing and improvement of  public  build-
 24    ings at its capitol by an Act of Congress (26 Stat. L. 214, ch. 656 (1890) (as
 25    amended))  entitled "An Act to Provide for the Admission of the State of Idaho
 26    into the Union," comprising thirty-two thousand (32,000) acres, or any portion
 27    thereof, or mineral therein; (b) earnings of the capitol  permanent  endowment
 28    fund; (c) proceeds of the sale of timber growing upon capitol endowment lands;
 29    (d)  proceeds  of leases of capitol buildings endowment lands; (e) proceeds of
 30    interest charged upon deferred payments on capitol buildings  endowment  lands
 31    or  timber  on  those lands; (f) all unappropriated and unencumbered moneys in
 32    the public building fund shown on the state controller's chart of accounts  as
 33    the capitol permanent endowment fund; (cg) retained earnings to compensate for
 34    the  effects of inflation; and (dh) legislative appropriations. The fund shall
 35    be managed by the endowment fund investment board in accordance  with  chapter
 36    5, title 68, Idaho Code.
 37        (2)  All  realized  earnings shall be credited to On July 1 of each fiscal
 38    year, the endowment fund investment board  shall  distribute  to  the  capitol
 39    endowment  income fund created in section 67-1611, Idaho Code, an amount equal
 40    to a percentage approved by the board of the value of  the  capitol  permanent
 41    endowment  fund  that  is  calculated  to provide a stable source of moneys to
 42    allow for the maintenance, repair and restoration of the capitol, while  still
 43    preserving  and increasing over time the value of the capitol permanent endow-
                                                                        
                                           2
                                                                        
  1    ment fund.
                                                                        
  2        SECTION 2.  That Section 67-1611, Idaho Code, be, and the same  is  hereby
  3    amended to read as follows:
                                                                        
  4        67-1611.  CAPITOL  ENDOWMENT  INCOME  FUND. (1) There is hereby created in
  5    the state treasury the capitol endowment income fund. The fund shall  be  man-
  6    aged by the state treasurer and shall consist of the following:
  7        (a)  Earnings  of Distributions from the capitol permanent endowment fund,
  8        as provided in section 67-1610, Idaho Code;
  9        (b)  Proceeds of the sale of timber growing upon capitol endowment lands;
 10        (c)  Proceeds of leases of capitol buildings endowment lands;
 11        (d)  Proceeds of interest charged upon deferred payments on capitol build-
 12        ings endowment lands or timber on those lands;
 13        (e)  All interests earned on the capitol endowment income fund;
 14        (fc)  All public and private moneys donated and obtained pursuant  to  the
 15        provisions of this chapter; and
 16        (gd)  All  other proceeds received from the use of capitol building endow-
 17        ment lands and not otherwise designated for deposit in the capitol  build-
 18        ings permanent endowment fund.
 19        (2)  All  moneys  in the capitol endowment income fund shall be subject to
 20    annual appropriation by the legislature.  All  moneys  shall  be  appropriated
 21    exclusively  for  the purposes of this chapter, retained for future appropria-
 22    tion, or transferred to the capitol endowment permanent  fund  by  legislative
 23    appropriation.
                                                                        
 24        SECTION  3.  This  act shall be in full force and effect on and after July
 25    1, 2004, and all earnings and revenues realized  or  received  after  July  1,
 26    2004,  shall  be  distributed  in accordance with this act, regardless of when
 27    those earnings and revenues were earned or accrued.

Statement of Purpose / Fiscal Impact



                      STATEMENT OF PURPOSE

                            RS 13566

Currently, maintenance, repairs and restoration of the Capitol
Building are paid from the Capitol Endowment Income Fund, and
occasional legislative appropriations. The Income Fund receives
interest earnings from the Capitol Permanent Endowment Fund, as
well as timber sales and land lease revenues, which fluctuate
widely depending on resource economies.

This bill would send timber and land receipts directly to the
Permanent Endowment Fund, and would also retain interest earnings
in the Permanent Fund. The Income Fund instead would receive
annual deposits from the Permanent Fund, in an amount calculated
to preserve the corpus of the Permanent Fund and to increase the
market value of the Permanent Fund over time. The annual deposits
from the Permanent Fund would provide more dependable  payments
to the Income Fund, so as to allow for needed maintenance and
repair projects in the Capitol Building.
                          FISCAL IMPACT

This bill involves funds dedicated to the maintenance and
restoration of Idaho's Capitol Building, and would have no fiscal
impact upon the state General Fund or any local funds. The bill
would only redirect, but not increase or decrease revenues now
flowing to existing dedicated accounts. The effect of the bill is
expected to increase, over time, the value of the Capitol Permanent
Endowment Fund, as well as to make more uniform the payments to the
Capitol Endowment Income Fund that are available to maintain and
restore the Capitol Building. All moneys involved would remain
subject to appropriation by the Legislature.

                                                            


Contact:

Carl Bianchi
Director of Legislative Services
(208)334-2475




STATEMENT OF PURPOSE/FISCAL NOTE                   S 1238