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SENATE BILL NO. 1227

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Bill Status

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S1227......................................................by STATE AFFAIRS
MILLENNIUM FUND - Amends existing law to provide that any money
appropriated, expended or distributed from the Millennium Fund shall be
approved by at least a two-thirds vote of both houses of the Legislature
voting separately.
                                                                        
03/22    Senate intro - 1st rdg - to printing
03/23    Rpt prt - to St Aff

Bill Text

                                                                        
                                                                        
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-eighth Legislature                   First Regular Session - 2005
                                                                        
                                                                        
                                       IN THE SENATE
                                                                        
                                    SENATE BILL NO. 1227
                                                                        
                                 BY STATE AFFAIRS COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO THE IDAHO MILLENNIUM FUND; AMENDING SECTION 67-1801,  IDAHO  CODE,
  3        TO  PROVIDE  THAT ANY MONEY APPROPRIATED, EXPENDED OR DISTRIBUTED FROM THE
  4        MILLENNIUM FUND SHALL BE APPROVED BY AT LEAST A TWO-THIRDS  VOTE  OF  BOTH
  5        HOUSES OF THE LEGISLATURE VOTING SEPARATELY.
                                                                        
  6    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  7        SECTION  1.  That  Section 67-1801, Idaho Code, be, and the same is hereby
  8    amended to read as follows:
                                                                        
  9        67-1801.  IDAHO MILLENNIUM FUND. There is  hereby  created  in  the  state
 10    treasury  the  "Idaho  Millennium  Fund." The fund shall consist of all moneys
 11    distributed to the state pursuant to the master settlement  agreement  entered
 12    into  between  tobacco  product  manufacturers  and  various states, including
 13    Idaho, and such moneys as may be provided by legislative appropriations. Money
 14    in the fund is not subject to appropriation or distribution,  except  as  pro-
 15    vided  in  sections  67-1802  and  67-1803,  Idaho  Code. Fund assets shall be
 16    invested by the state treasurer according to the standards of the  Idaho  uni-
 17    form  prudent  investor  act,  chapter  5, title 68, Idaho Code, and the state
 18    treasurer is hereby granted the authority to invest the assets  of  the  Idaho
 19    millennium  fund  in any investment instruments authorized by the standards of
 20    the Idaho uniform prudent investor act. Notwithstanding any other provision of
 21    law to the contrary, any money appropriated, expended or distributed from  the
 22    millennium  fund shall be approved by at least a two-thirds (2/3) vote of both
 23    houses of the legislature voting separately.

Statement of Purpose / Fiscal Impact

                       STATEMENT OF PURPOSE

                             RS 15161

The Millennium Fund was created with tobacco master settlement
agreement funds to hold the monies distributed as required under
the settlement. Recognizing that these funds, if left to accrue,
can provide a resource for investments in community based tobacco
cessation, and drug and alcohol treatment programs, this
legislation requires a 2/3 majority vote of both the Senate and
House of Representatives to distribute monies from this fund.




                          FISCAL IMPACT

None



Contact
Name:   Senator Denton Darrington 
        Senator Elliot Werk
Phone:  332 1000
            

STATEMENT OF PURPOSE/FISCAL NOTE                      S 1227