Print Friendly HOUSE BILL NO. 239 – Reserve fund, transfers, bonds
HOUSE BILL NO. 239
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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
]]]] 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
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.
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.
Name: Liza Carberry, Idaho State Treasurer's Office
STATEMENT OF PURPOSE/FISCAL NOTE H 239