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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
]]]] 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 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