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S1076aa....................................................by STATE AFFAIRS
IDAHO CREDIT RATING ENHANCEMENT COMMITTEE - Adds to existing law to create
the Idaho Credit Rating Enhancement Committee in the office of the State
Treasurer; to provide membership, compensation, a quorum, meetings and
personnel; and to provide the functions and duties of the Credit Rating
Enhancement Committee.
01/31 Senate intro - 1st rdg - to printing
02/01 Rpt prt - to St Aff
02/04 Rpt out - to 14th Ord
02/16 Rpt out amen - to engros
02/17 Rpt engros - 1st rdg - to 2nd rdg as amen
02/18 2nd rdg - to 3rd rdg as amen
02/22 3rd rdg as amen - PASSED - 30-0-5
AYES -- Andreason, Broadsword, Bunderson, Burkett, Cameron, Coiner,
Compton, Corder, Darrington, Davis, Gannon, Geddes, Goedde, Hill,
Jorgenson, Kelly, Keough, Langhorst, Little, Lodge, Malepeai, Marley,
McGee, McKenzie, Richardson, Schroeder, Stegner, Stennett, Werk,
Williams
NAYS -- None
Absent and excused -- Brandt, Burtenshaw, Noble, Pearce, Sweet
Floor Sponsor - President Pro Tempore Geddes
Title apvd - to House
02/23 House intro - 1st rdg - to St Aff
03/15 Rpt out - rec d/p - to 2nd rdg
03/16 2nd rdg - to 3rd rdg
03/17 3rd rdg - PASSED - 62-1-7
AYES -- Anderson, Andrus, Barraclough, Bastian, Bayer, Bedke, Bell,
Bilbao, Black, Block, Boe, Bolz, Bradford, Cannon, Chadderdon, Clark,
Collins, Crow, Deal, Denney, Ellsworth, Eskridge, Field(18),
Field(23), Garrett, Hart, Harwood, Henbest, Henderson, Jaquet, Jones,
Kemp, Lake, LeFavour, Loertscher, Martinez, Mathews, McGeachin,
Miller, Mitchell, Moyle, Nielsen, Nonini, Pasley-Stuart, Pence, Ring,
Ringo, Roberts, Rusche, Rydalch, Sali, Sayler, Schaefer, Shepherd(2),
Shepherd(8), Shirley, Skippen, Smylie, Snodgrass, Stevenson, Trail,
Wills
NAYS -- McKague
Absent and excused -- Barrett, Edmunson, Raybould, Smith(30),
Smith(24), Wood, Mr. Speaker
Floor Sponsor - Deal
Title apvd - to Senate
03/18 To enrol
03/21 Rpt enrol - Pres signed
03/22 Sp signed
03/23 To Governor
03/28 Governor signed
Session Law Chapter 159
Effective: 07/01/05
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature First Regular Session - 2005
IN THE SENATE
SENATE BILL NO. 1076
BY STATE AFFAIRS COMMITTEE
1 AN ACT
2 RELATING TO A CREDIT RATING ENHANCEMENT COMMITTEE; AMENDING CHAPTER 12, TITLE
3 67, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 67-1224, IDAHO CODE, TO
4 CREATE THE IDAHO CREDIT RATING ENHANCEMENT COMMITTEE IN THE OFFICE OF THE
5 STATE TREASURER, TO PROVIDE MEMBERSHIP, COMPENSATION, A QUORUM, MEETINGS
6 AND PERSONNEL; AND AMENDING CHAPTER 12, TITLE 67, IDAHO CODE, BY THE ADDI-
7 TION OF A NEW SECTION 67-1225, IDAHO CODE, TO PROVIDE THE FUNCTIONS AND
8 DUTIES OF THE CREDIT RATING ENHANCEMENT COMMITTEE.
9 Be It Enacted by the Legislature of the State of Idaho:
10 SECTION 1. That Chapter 12, Title 67, Idaho Code, be, and the same is
11 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
12 ignated as Section 67-1224, Idaho Code, and to read as follows:
13 67-1224. IDAHO CREDIT RATING ENHANCEMENT COMMITTEE -- MEMBERSHIP -- COM-
14 PENSATION -- QUORUM -- MEETINGS -- PERSONNEL. (1) There is hereby established
15 in the office of the state treasurer the Idaho credit rating enhancement com-
16 mittee. The committee shall consist of the following members: the state trea-
17 surer, the administrator of the division of financial management, one (1) sen-
18 ator appointed by the president pro tempore of the senate and one (1) member
19 of the house of representatives appointed by the speaker of the house of rep-
20 resentatives. Other members of the committee shall be appointed by the gover-
21 nor after considering recommendations of the state treasurer and shall be from
22 the following entities knowledgeable on matters of public finance including,
23 but not limited to, the Idaho state municipal bond bank, Idaho housing and
24 finance association, Idaho state building authority, the department of educa-
25 tion as a representative of the school bond guarantee fund and one (1) member
26 at large.
27 (2) The term of an appointed member is two (2) years, but an appointed
28 member serves at the pleasure of the appointing authority. Before the expira-
29 tion of the term of an appointed member, the appointing authority shall
30 appoint a successor. If there is a vacancy for any reason in the office of an
31 appointed member, the appointing authority shall make an appointment to become
32 immediately effective for the unexpired term.
33 (3) A member of the committee shall be entitled to compensation and
34 expenses as provided in section 59-509(b), Idaho Code, which shall be paid by
35 the state treasurer.
36 (4) The state treasurer shall serve as chairperson of the committee, with
37 such powers and duties necessary for the performance of that office as the
38 committee determines appropriate.
39 (5) A majority of the members of the committee constitutes a quorum for
40 the transaction of business.
41 (6) The committee shall meet at least once every six (6) months at a time
42 and place determined by the committee. The committee also shall meet at other
43 times and places specified by the call of the chairperson or by a majority of
2
1 the members of the committee.
2 (7) The office of the state treasurer shall provide the committee with
3 office space and clerical and other administrative support.
4 SECTION 2. That Chapter 12, Title 67, Idaho Code, be, and the same is
5 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
6 ignated as Section 67-1225, Idaho Code, and to read as follows:
7 67-1225. POWERS AND DUTIES OF CREDIT RATING ENHANCEMENT COMMITTEE. The
8 Idaho credit rating enhancement committee shall advise the governor and the
9 legislature regarding policies and action that enhance and preserve the
10 state's credit rating and maintain the future availability of low cost capital
11 financing. In carrying out this function, the committee shall:
12 (1) Develop a six (6) year forecast of debt capacity targets by debt type
13 and repayment sources based on the policies and actions established under this
14 section;
15 (2) Convert debt capacity targets to net available capacity estimates by
16 reflecting amounts of capacity currently issued, the planned issuance of prior
17 authorized debt and estimates of debt repayment;
18 (3) Report findings, including net debt capacity, and recommendations to
19 the governor and the legislature by August 1 of each year.
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature First Regular Session - 2005
Moved by Geddes
Seconded by Davis
IN THE SENATE
SENATE AMENDMENT TO S.B. NO. 1076
1 AMENDMENTS TO SECTION 1
2 On page 1 of the printed bill, in line 21 delete "be from" and insert:
3 "consist of one (1) member from each of"; in line 22 delete "finance includ-
4 ing," and insert: "finance, including"; and in line 23, delete "but not lim-
5 ited to,".
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature First Regular Session - 2005
IN THE SENATE
SENATE BILL NO. 1076, As Amended
BY STATE AFFAIRS COMMITTEE
1 AN ACT
2 RELATING TO A CREDIT RATING ENHANCEMENT COMMITTEE; AMENDING CHAPTER 12, TITLE
3 67, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 67-1224, IDAHO CODE, TO
4 CREATE THE IDAHO CREDIT RATING ENHANCEMENT COMMITTEE IN THE OFFICE OF THE
5 STATE TREASURER, TO PROVIDE MEMBERSHIP, COMPENSATION, A QUORUM, MEETINGS
6 AND PERSONNEL; AND AMENDING CHAPTER 12, TITLE 67, IDAHO CODE, BY THE ADDI-
7 TION OF A NEW SECTION 67-1225, IDAHO CODE, TO PROVIDE THE FUNCTIONS AND
8 DUTIES OF THE CREDIT RATING ENHANCEMENT COMMITTEE.
9 Be It Enacted by the Legislature of the State of Idaho:
10 SECTION 1. That Chapter 12, Title 67, Idaho Code, be, and the same is
11 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
12 ignated as Section 67-1224, Idaho Code, and to read as follows:
13 67-1224. IDAHO CREDIT RATING ENHANCEMENT COMMITTEE -- MEMBERSHIP -- COM-
14 PENSATION -- QUORUM -- MEETINGS -- PERSONNEL. (1) There is hereby established
15 in the office of the state treasurer the Idaho credit rating enhancement com-
16 mittee. The committee shall consist of the following members: the state trea-
17 surer, the administrator of the division of financial management, one (1) sen-
18 ator appointed by the president pro tempore of the senate and one (1) member
19 of the house of representatives appointed by the speaker of the house of rep-
20 resentatives. Other members of the committee shall be appointed by the gover-
21 nor after considering recommendations of the state treasurer and shall consist
22 of one (1) member from each of the following entities knowledgeable on matters
23 of public finance, including the Idaho state municipal bond bank, Idaho hous-
24 ing and finance association, Idaho state building authority, the department of
25 education as a representative of the school bond guarantee fund and one (1)
26 member at large.
27 (2) The term of an appointed member is two (2) years, but an appointed
28 member serves at the pleasure of the appointing authority. Before the expira-
29 tion of the term of an appointed member, the appointing authority shall
30 appoint a successor. If there is a vacancy for any reason in the office of an
31 appointed member, the appointing authority shall make an appointment to become
32 immediately effective for the unexpired term.
33 (3) A member of the committee shall be entitled to compensation and
34 expenses as provided in section 59-509(b), Idaho Code, which shall be paid by
35 the state treasurer.
36 (4) The state treasurer shall serve as chairperson of the committee, with
37 such powers and duties necessary for the performance of that office as the
38 committee determines appropriate.
39 (5) A majority of the members of the committee constitutes a quorum for
40 the transaction of business.
41 (6) The committee shall meet at least once every six (6) months at a time
42 and place determined by the committee. The committee also shall meet at other
43 times and places specified by the call of the chairperson or by a majority of
2
1 the members of the committee.
2 (7) The office of the state treasurer shall provide the committee with
3 office space and clerical and other administrative support.
4 SECTION 2. That Chapter 12, Title 67, Idaho Code, be, and the same is
5 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
6 ignated as Section 67-1225, Idaho Code, and to read as follows:
7 67-1225. POWERS AND DUTIES OF CREDIT RATING ENHANCEMENT COMMITTEE. The
8 Idaho credit rating enhancement committee shall advise the governor and the
9 legislature regarding policies and action that enhance and preserve the
10 state's credit rating and maintain the future availability of low cost capital
11 financing. In carrying out this function, the committee shall:
12 (1) Develop a six (6) year forecast of debt capacity targets by debt type
13 and repayment sources based on the policies and actions established under this
14 section;
15 (2) Convert debt capacity targets to net available capacity estimates by
16 reflecting amounts of capacity currently issued, the planned issuance of prior
17 authorized debt and estimates of debt repayment;
18 (3) Report findings, including net debt capacity, and recommendations to
19 the governor and the legislature by August 1 of each year.
Statement of Purpose
The purpose of the legislation is to create an oversight committee to
protect and enhance the credit rating of the State of Idaho. This would be
accomplished by monitoring state guaranteed indebtedness such as
bonds which have state backing. One example is the School Bond
Guarantee program.
Currently there is no requirement or repository for monitoring state
guaranteed debt. The committee would issue an annual report to the
Governor and the legislature.
Fiscal Impact:
$1,000.00 per year
Contact:
Ron Crane
State Treasurer
334-3200
S 1076