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HOUSE BILL NO. 239

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Bill Status

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H0239......................................................by STATE AFFAIRS
TRANSFER FUNDS - Adds to existing law to authorize the State Treasurer to
transfer funds from the General Fund to the Reserve Fund to secure bonds of
the Bond Bank Authority.
                                                                        
02/17    House intro - 1st rdg - to printing
02/18    Rpt prt - to St Aff
03/03    Rpt out - rec d/p - to 2nd rdg
03/04    2nd rdg - to 3rd rdg
03/08    Ret'd to St Aff

Bill Text

                                                                        
                                                                        
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-eighth Legislature                   First Regular Session - 2005
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 239
                                                                        
                                 BY STATE AFFAIRS COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO TRANSFER OF FUNDS TO A RESERVE FUND FOR PURPOSES OF THE BOND  BANK
  3        AUTHORITY; AMENDING CHAPTER 87, TITLE 67, IDAHO CODE, BY THE ADDITION OF A
  4        NEW  SECTION  67-8729,  IDAHO  CODE,  TO  AUTHORIZE THE STATE TREASURER TO
  5        TRANSFER FUNDS FROM THE GENERAL FUND TO THE RESERVE FUND TO  SECURE  BONDS
  6        OF THE BOND BANK AUTHORITY AND TO PROVIDE PROCEDURES.
                                                                        
  7    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  8        SECTION  1.  That  Chapter  87,  Title 67, Idaho Code, be, and the same is
  9    hereby amended by the addition thereto of a NEW SECTION, to be known and  des-
 10    ignated as Section 67-8729, Idaho Code, and to read as follows:
                                                                        
 11        67-8729.  TRANSFER OF FUNDS TO RESERVE FUND. The state treasurer is hereby
 12    authorized  to  transfer up to ten million dollars ($10,000,000) from the gen-
 13    eral fund to the reserve fund described in section 67-8713, Idaho Code, to  be
 14    used  to  secure  the bonds of the authority with such funds to be invested as
 15    provided in sections 67-1210 and  67-1210A,  Idaho  Code,  provided  that  any
 16    income  earned from such investments shall be paid over to the general fund of
 17    the state and provided that once an  issue  of  bonds  of  the  authority  has
 18    matured  and  has been paid in full, such reserve funds shall either be trans-
 19    ferred back to the general fund or shall be used to secure another bond  issue
 20    of the authority.

Statement of Purpose / Fiscal Impact

                       STATEMENT OF PURPOSE

                             RS 14992

The Bond Bank Authority is proposing to add a new section to
existing code that would transfer funds from the General Fund to
the bond Bank Reserve Fund. The purpose of this transfer is to
assist the Bond Bank to further reduce the interest
municipalities pay for infrastructure borrowing.


                           FISCAL NOTE

There is no fiscal impact to the General Fund. This is simply a
transfer of funds with no spending authority.  All interest
income from the investments in the Bond Bank Reserve Fund will be
returned to the General Fund.




Contact
Name:  Liza Carberry, Idaho State Treasurer's Office 
Phone: 208-332-2997


STATEMENT OF PURPOSE/FISCAL NOTE                     H 239