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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
]]]] 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
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