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S1416............................................................by FINANCE
MILLENNIUM PERMANENT ENDOWMENT FUND - Adds to and amends existing law to
create the Idaho Millennium Permanent Endowment Fund; to provide for an
annual distribution from the Idaho Millennium Permanent Endowment Fund to
the Idaho Millennium Income Fund; to provide for distribution of moneys
from the Idaho Millennium Fund to the Idaho Millennium Income Fund; to
provide a fund balance limit in the Idaho Millennium Fund; to provide for
the transfer to the Idaho Millennium Permanent Endowment Fund of any amount
exceeding the statutory limit; to provide that the Idaho Millennium Income
Fund shall consist of distributions from the Idaho Millennium Permanent
Endowment Fund; to revise the uses of the fund; and to direct the State
Treasurer to transfer ten million dollars of the Idaho Millennium Fund
balance to the Idaho Millennium Permanent Endowment Fund upon adoption of
Senate Joint Resolution No. 107 by the electorate of the state of Idaho.
02/24 Senate intro - 1st rdg - to printing
02/27 Rpt prt - to Fin
Rpt out - rec d/p - to 2nd rdg
02/28 2nd rdg - to 3rd rdg
03/02 3rd rdg - PASSED - 34-0-1
AYES -- Andreason, Brandt, Broadsword, Burkett, Burtenshaw, Cameron,
Coiner, Compton, Corder, Darrington, Davis, Fulcher, Gannon, Geddes,
Goedde, Hill, Jorgenson, Kelly, Keough, Langhorst, Little, Lodge,
Malepeai, Marley, McGee, McKenzie, Pearce, Richardson, Schroeder,
Stegner, Stennett, Sweet, Werk, Williams
NAYS -- None
Absent and excused -- Bunderson
Floor Sponsors - Lodge & Cameron
Title apvd - to House
03/03 House intro - 1st rdg - to 2nd rdg
03/06 2nd rdg - to 3rd rdg
03/08 Ref'd to St Aff
03/10 Rpt out - rec d/p - ret'd to 3rd rdg
03/16 3rd rdg - PASSED - 64-0-6
AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer, Bell,
Bilbao, Black, Block, Boe, Bolz, Brackett, Bradford, Cannon,
Chadderdon, Clark, Collins, Deal, Denney, Edmunson, Ellsworth,
Eskridge, Field(18), Garrett, Hart, Harwood, Henbest, Henderson,
Jaquet, Kemp, Lake, LeFavour, Loertscher, Martinez, Mathews,
McGeachin, McKague, Miller, Mitchell, Moyle, Nielsen, Nonini,
Pasley-Stuart, Pence, Raybould, Ring, Ringo, Roberts, Rusche,
Rydalch, Sali, Sayler, Schaefer, Shepherd(2), Shepherd(8), Shirley,
Skippen, Smith(30), Smith(24), Smylie, Stevenson, Trail, Mr. Speaker
NAYS -- None
Absent and excused -- Bedke, Crow, Field(23), Snodgrass, Wills, Wood
Floor Sponsor - Lake
Title apvd - to Senate
03/17 To enrol
03/20 Rpt enrol - Pres signed - Sp signed
03/21 To Governor
03/24 Governor signed
Session Law Chapter 187
Effective: Upon passage of SJR 107
by the electorate of Idaho
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature Second Regular Session - 2006
IN THE SENATE
SENATE BILL NO. 1416
BY FINANCE COMMITTEE
1 AN ACT
2 RELATING TO THE IDAHO MILLENNIUM FUND; AMENDING CHAPTER 18, TITLE 67, IDAHO
3 CODE, BY THE ADDITION OF A NEW SECTION 67-1801, IDAHO CODE, TO CREATE THE
4 IDAHO MILLENNIUM PERMANENT ENDOWMENT FUND; AMENDING CHAPTER 18, TITLE 67,
5 IDAHO CODE, BY THE ADDITION OF A NEW SECTION 67-1802, IDAHO CODE, TO PRO-
6 VIDE FOR AN ANNUAL DISTRIBUTION FROM THE IDAHO MILLENNIUM PERMANENT ENDOW-
7 MENT FUND TO THE IDAHO MILLENNIUM INCOME FUND; AMENDING SECTION 67-1801,
8 IDAHO CODE, TO PROVIDE FOR DISTRIBUTION OF MONEYS TO THE IDAHO MILLENNIUM
9 FUND, TO PROVIDE A CORRECT CODE REFERENCE AND TO REDESIGNATE THE SECTION;
10 AMENDING SECTION 67-1803, IDAHO CODE, TO PROVIDE FOR AN ANNUAL DISTRIBU-
11 TION FROM THE IDAHO MILLENNIUM FUND AND TO REDESIGNATE THE SECTION; AMEND-
12 ING CHAPTER 18, TITLE 67, IDAHO CODE, BY THE ADDITION OF A NEW SECTION
13 67-1805, IDAHO CODE, TO PROVIDE A FUND BALANCE LIMIT IN THE IDAHO
14 MILLENNIUM FUND AND TO PROVIDE FOR TRANSFER TO THE IDAHO MILLENNIUM PERMA-
15 NENT ENDOWMENT FUND OF ANY AMOUNT EXCEEDING THE STATUTORY LIMIT; AMENDING
16 SECTION 67-1802, IDAHO CODE, TO PROVIDE THAT THE IDAHO MILLENNIUM INCOME
17 FUND SHALL CONSIST OF DISTRIBUTIONS FROM THE IDAHO MILLENNIUM PERMANENT
18 ENDOWMENT FUND, TO REVISE THE USES OF THE FUND AND TO REDESIGNATE THE SEC-
19 TION; AMENDING SECTIONS 67-1804, 67-1805 AND 67-1806, IDAHO CODE, TO
20 REDESIGNATE THE SECTIONS; PROVIDING AN EFFECTIVE DATE; AND DIRECTING THE
21 STATE TREASURER TO TRANSFER TEN MILLION DOLLARS OF THE IDAHO MILLENNIUM
22 FUND BALANCE TO THE IDAHO MILLENNIUM PERMANENT ENDOWMENT FUND UPON ADOP-
23 TION OF SENATE JOINT RESOLUTION NO. 107 BY THE ELECTORATE OF THE STATE OF
24 IDAHO.
25 Be It Enacted by the Legislature of the State of Idaho:
26 SECTION 1. That Chapter 18, Title 67, Idaho Code, be, and the same is
27 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
28 ignated as Section 67-1801, Idaho Code, and to read as follows:
29 67-1801. IDAHO MILLENNIUM PERMANENT ENDOWMENT FUND. (1) There is hereby
30 created in the state treasury the "Idaho Millennium Permanent Endowment Fund."
31 The fund shall consist of eighty percent (80%) of the moneys received by the
32 state of Idaho on and after January 1, 2007, pursuant to the master settlement
33 agreement entered into between tobacco product manufacturers and the state of
34 Idaho, and such moneys as may be provided by legislative appropriations or
35 otherwise directed to the fund by the legislature, including other moneys or
36 assets that the fund receives by bequest or donation.
37 (2) The moneys received annually for deposit to the fund, including earn-
38 ings, shall forever remain inviolate and intact. No portion of the fund shall
39 ever be transferred to any other fund, or used, or appropriated, except as
40 allowed by the provisions of section 18, article VII of the constitution of
41 the state of Idaho and as directed by the provisions of section 67-1802, Idaho
42 Code.
43 (3) Fund assets shall be invested by the state treasurer according to the
2
1 standards of the Idaho uniform prudent investor act, chapter 5, title 68,
2 Idaho Code, and the state treasurer is hereby granted authority to invest the
3 assets of the fund in any investment instruments authorized by the standards
4 of the Idaho uniform prudent investor act.
5 SECTION 2. That Chapter 18, Title 67, Idaho Code, be, and the same is
6 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
7 ignated as Section 67-1802, Idaho Code, and to read as follows:
8 67-1802. DISTRIBUTION FROM THE IDAHO MILLENNIUM PERMANENT ENDOWMENT FUND.
9 On the first business day of July, or as soon thereafter as possible, the
10 state treasurer shall distribute to the Idaho millennium income fund five per-
11 cent (5%) of the Idaho millennium permanent endowment fund's average monthly
12 fair market value of the first twelve (12) months of the preceding twenty-four
13 (24) months. Provided however, the distribution shall not exceed the Idaho
14 millennium permanent endowment fund's fair market value on the first business
15 day in July.
16 SECTION 3. That Section 67-1801, Idaho Code, be, and the same is hereby
17 amended to read as follows:
18 67-18013. IDAHO MILLENNIUM FUND. There is hereby created in the state
19 treasury the "Idaho Millennium Fund." The fund shall consist of all twenty
20 percent (20%) of the moneys distributed to received by the state of Idaho on
21 and after January 1, 2007, pursuant to the master settlement agreement entered
22 into between tobacco product manufacturers and various states, including
23 Idaho, and such moneys as may be provided by legislative appropriations or
24 otherwise directed to the fund by the legislature including other moneys or
25 assets that the fund receives by bequest or donation. Money in the fund is not
26 subject to appropriation or distribution, except as provided in sections
27 67-18024, and 67-1803, Idaho Code. Fund assets shall be invested by the state
28 treasurer according to the standards of the Idaho uniform prudent investor
29 act, chapter 5, title 68, Idaho Code, and the state treasurer is hereby
30 granted the authority to invest the assets of the Idaho millennium fund in any
31 investment instruments authorized by the standards of the Idaho uniform pru-
32 dent investor act.
33 SECTION 4. That Section 67-1803, Idaho Code, be, and the same is hereby
34 amended to read as follows:
35 67-18034. DISTRIBUTION OF FUNDS FROM THE IDAHO MILLENNIUM FUND. On the
36 first business day of July, or as soon thereafter as possible, the state trea-
37 surer shall distribute to the Idaho millennium income fund five percent (5%)
38 of the Idaho millennium fund's average monthly fair market value for the first
39 twelve (12) months of the preceding twenty-four (24) months. Provided however,
40 that the distribution shall not exceed the Idaho millennium fund's fair market
41 value on the first business day in July.
42 SECTION 5. That Chapter 18, Title 67, Idaho Code, be, and the same is
43 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
44 ignated as Section 67-1805, Idaho Code, and to read as follows:
45 67-1805. IDAHO MILLENNIUM FUND BALANCE LIMITATION. The balance of the
46 Idaho millennium fund shall not exceed one hundred million dollars
47 ($100,000,000) as determined on the day following the distribution to the
3
1 Idaho millennium income fund as required by the provisions of section 67-1804,
2 Idaho Code. Any amount in excess of the one hundred million dollar
3 ($100,000,000) limit shall be transferred by the state treasurer to the Idaho
4 millennium permanent endowment fund created in section 67-1801, Idaho Code.
5 SECTION 6. That Section 67-1802, Idaho Code, be, and the same is hereby
6 amended to read as follows:
7 67-18026. IDAHO MILLENNIUM INCOME FUND. There is hereby created in the
8 state treasury the "Idaho Millennium Income Fund." The fund shall consist of
9 distributions from the Idaho millennium permanent endowment fund, the Idaho
10 millennium fund and such moneys that may be provided by legislative appropria-
11 tions. The Idaho millennium income fund shall be managed by the state trea-
12 surer and shall retain its own earnings. The uses of this fund shall be deter-
13 mined by legislative appropriation, provided that such appropriations may only
14 be granted on a one-time basis through June 30, 2004.
15 SECTION 7. That Section 67-1804, Idaho Code, be, and the same is hereby
16 amended to read as follows:
17 67-18047. JOINT MILLENNIUM FUND COMMITTEE -- CREATION AND APPOINTMENT OF
18 MEMBERS. There is hereby created the joint millennium fund committee, hereaf-
19 ter referred to as the committee. The committee shall consist of ten (10) mem-
20 bers, each of whom shall be a member of the legislature. The committee members
21 shall be appointed as follows: three (3) members shall be appointed by the
22 president pro tempore of the senate, one (1) of whom shall be cochair of the
23 committee; two (2) members shall be appointed by the minority leader of the
24 senate; three (3) members shall be appointed by the speaker of the house of
25 representatives, one (1) of whom shall be cochair of the committee; and two
26 (2) members shall be appointed by the minority leader of the house of repre-
27 sentatives. The term of a member of the committee shall coincide with the term
28 of election to the legislature. A vacancy during the term of a member of the
29 committee shall be filled by the appointing authority of that member, and mem-
30 bers may be reappointed to a subsequent term.
31 SECTION 8. That Section 67-1805, Idaho Code, be, and the same is hereby
32 amended to read as follows:
33 67-18058. POWERS AND DUTIES OF THE COMMITTEE. The committee shall have
34 the following powers and duties:
35 (1) To meet not less than two (2) times each year;
36 (2) To establish rules for governance and operation of committee proceed-
37 ings;
38 (3) To request applications for funding from the Idaho millennium income
39 fund;
40 (4) To meet to hear testimony and to consider applications for funding
41 from the Idaho millennium income fund;
42 (5) To evaluate the actual and potential success of programs funded with
43 moneys from the Idaho millennium income fund; and
44 (6) To present recommendations annually to the legislature for the use of
45 the moneys in the Idaho millennium income fund.
46 SECTION 9. That Section 67-1806, Idaho Code, be, and the same is hereby
47 amended to read as follows:
4
1 67-18069. SUPPORT AND STAFF FOR THE COMMITTEE. The legislative services
2 office shall provide for the support and staffing of the committee as the com-
3 mittee may require in the performance of its duties.
4 SECTION 10. This act shall be in full force and effect on and after the
5 date of adoption of Senate Joint Resolution No. 107 by the electorate of the
6 state of Idaho as required by law.
7 SECTION 11. Upon the adoption of Senate Joint Resolution No. 107 by the
8 electorate of the state of Idaho as required by law, the State Treasurer shall
9 transfer ten million dollars of the fund balance of the Idaho Millennium Fund
10 to the Idaho Millennium Permanent Endowment Fund.
STATEMENT OF PURPOSE
RS 16082
The proposed legislation codifies the provision of Senate Joint
Resolution 107 that proposes a constitutional amendment to endow the
Idaho Millennium Permanent Endowment Fund.
Legislation would become effective on and after January 1, 2007,
upon passage of the constitutional amendment. The constitutional
amendment mandates that 80% of future tobacco settlement payments be
placed into an endowment fund. The amendment also directs that the
remaining 20% of future tobacco settlement payments be placed into the
already existing Idaho Millennium Fund. Annual distributions from
both of these funds will be made to the Idaho Millennium Income Fund.
The Legislature will have the authority to spend funds in both the
Idaho Millennium Fund and the Idaho Millennium Income Fund.
The legislation also provides for the State Treasurer to invest
both the Idaho Millennium Permanent Endowment Fund and the Idaho
Millennium Fund.
Further, the legislation puts into statute a cap of $100 million
on the Idaho Millennium Fund. Once the fund has at least $100 million
after the annual distribution to the Idaho Millennium Fund, then any
excess over the $100 million shall be transferred to the Idaho
Millennium Permanent Endowment Fund.
The proposed legislation does not change the powers and duties of
the Millennium Fund Committee.
FISCAL IMPACT
There is no fiscal impact.
Contact
Name: Senators Lodge, Cameron, Darrington, Werk, Kelly
Representatives Lake, Clark, McGeachin, Henbest, Rusche
Phone: 332-1000
STATEMENT OF PURPOSE/FISCAL NOTE S 1416