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SJR107...............................................by JUDICIARY AND RULES
MILLENNIUM PERMANENT ENDOWMENT FUND - Proposing an amendment to the
Constitution of the State of Idaho by the addition of a new section to
create an Idaho Millennium Permanent Endowment Fund; to provide that the
Idaho Millennium Permanent Endowment Fund shall consist of eighty percent
of the moneys received each year by the state of Idaho pursuant to the
Master Settlement Agreement and any other moneys that may be appropriated
or otherwise directed to the fund by the Legislature; to provide that such
moneys shall remain inviolate and intact except that each year the State
Treasurer shall distribute five percent of the Idaho Millennium Permanent
Endowment Fund's average monthly fair market value for the first twelve
months of the preceding twenty-four months to the Idaho Millennium Income
Fund; to create an Idaho Millennium Income Fund subject to appropriation as
provided by law; to provide that the Idaho Millennium Income Fund shall
consist of the distribution from the Idaho Millennium Permanent Endowment
Fund and other moneys that may be appropriated or otherwise directed to the
fund as provided by law; to provide that the remaining twenty percent of
the moneys received pursuant to the Master Settlement Agreement and the
earnings thereon, shall be deposited to the Idaho Millennium Fund; to
provide that the Idaho Millennium Fund may consist of any moneys that may
be appropriated or otherwise directed to the fund by the Legislature; to
provide that moneys in the Idaho Millennium Fund shall be allowed to
accumulate; to provide that any amounts so accumulating in the Idaho
Millennium Fund which exceed a maximum limit, shall be transferred to the
Idaho Millennium Permanent Endowment Fund; and to provide that such moneys
and earnings transferred to the Idaho Millennium Permanent Endowment Fund
shall also remain inviolate and intact.
02/14 Senate intro - 1st rdg - to printing
02/15 Rpt prt - to Fin
02/24 Rpt out - rec d/p - to 2nd rdg
02/27 2nd rdg - to 3rd rdg
03/01 3rd rdg - PASSED - 31-4-0
AYES -- Andreason, Brandt, Broadsword, Burkett, Burtenshaw, Cameron,
Coiner, Compton, Corder, Darrington, Fulcher, Gannon, Geddes, Goedde,
Hill, Jorgenson, Kelly, Keough, Langhorst, Lodge, Marley, McGee,
McKenzie, Pearce, Richardson, Schroeder, Stegner, Stennett, Sweet,
Werk, Williams
NAYS -- Bunderson, Davis, Little, Malepeai
Absent and excused -- None
Floor Sponsors - Lodge, Cameron & Werk
Title apvd - to House
03/02 House intro - 1st rdg - to St Aff
03/10 Rpt out - rec d/p - to 2nd rdg
03/13 2nd rdg - to 3rd rdg
03/16 3rd rdg - PASSED - 65-0-5
AYES -- Anderson, Andrus, Barraclough, Barrett, Bayer, Bedke, Bell,
Bilbao, Black, Block, Boe, Bolz, Brackett, Bradford, Cannon,
Chadderdon, Clark, Collins, Deal, Denney, Ellsworth, Eskridge,
Field(18), Field(23), 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, Wills, Mr.
Speaker
NAYS -- None
Absent and excused -- Bastian, Crow, Edmunson, Snodgrass, Wood
Floor Sponsor - Clark
Title apvd - to Senate
03/17 To enrol
03/20 Rpt enrol - Pres signed - Sp signed
03/21 To Secretary of State
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature Second Regular Session - 2006
IN THE SENATE
SENATE JOINT RESOLUTION NO. 107
BY JUDICIARY AND RULES COMMITTEE
1 A JOINT RESOLUTION
2 PROPOSING AN AMENDMENT TO ARTICLE VII OF THE CONSTITUTION OF THE STATE OF
3 IDAHO, BY THE ADDITION OF A NEW SECTION 18, ARTICLE VII, OF THE CONSTITU-
4 TION OF THE STATE OF IDAHO, TO CREATE AN IDAHO MILLENNIUM PERMANENT
5 ENDOWMENT FUND, TO PROVIDE THAT THE FUND SHALL CONSIST OF EIGHTY PERCENT
6 OF THE MONEYS RECEIVED EACH YEAR BY THE STATE OF IDAHO ON AND AFTER JANU-
7 ARY 1, 2007, PURSUANT TO THE MASTER SETTLEMENT AGREEMENT ENTERED INTO
8 BETWEEN TOBACCO PRODUCT MANUFACTURERS AND THE STATE OF IDAHO, AND ANY
9 OTHER MONEYS THAT MAY BE APPROPRIATED OR OTHERWISE DIRECTED TO THE FUND BY
10 THE LEGISLATURE, INCLUDING OTHER MONEYS OR ASSETS THAT THE FUND RECEIVES
11 BY BEQUEST OR PRIVATE DONATION, TO PROVIDE THAT SUCH MONEYS SHALL REMAIN
12 INVIOLATE AND INTACT EXCEPT THAT EACH YEAR THE STATE TREASURER SHALL DIS-
13 TRIBUTE FIVE PERCENT OF THE PERMANENT ENDOWMENT FUND'S AVERAGE MONTHLY
14 FAIR MARKET VALUE FOR THE FIRST TWELVE MONTHS OF THE PRECEDING TWENTY-FOUR
15 MONTHS TO THE IDAHO MILLENNIUM INCOME FUND, TO PROVIDE THAT SUCH DISTRIBU-
16 TION SHALL NOT EXCEED THE PERMANENT ENDOWMENT FUND'S FAIR MARKET VALUE ON
17 THE FIRST BUSINESS DAY OF JULY, TO CREATE AN IDAHO MILLENNIUM INCOME FUND
18 SUBJECT TO APPROPRIATION AS PROVIDED BY LAW, TO PROVIDE THAT THE INCOME
19 FUND SHALL CONSIST OF THE DISTRIBUTION FROM THE IDAHO MILLENNIUM PERMANENT
20 ENDOWMENT FUND AND OTHER MONEYS THAT MAY BE APPROPRIATED OR OTHERWISE
21 DIRECTED TO THE FUND AS PROVIDED BY LAW, TO PROVIDE THAT THE REMAINING
22 TWENTY PERCENT OF THE MONEYS RECEIVED BY THE STATE OF IDAHO ON AND AFTER
23 JANUARY 1, 2007, PURSUANT TO THE MASTER SETTLEMENT AGREEMENT ENTERED INTO
24 BETWEEN TOBACCO PRODUCT MANUFACTURERS AND THE STATE OF IDAHO AND THE EARN-
25 INGS THEREON, SHALL BE DEPOSITED TO THE IDAHO MILLENNIUM FUND, TO PROVIDE
26 THAT THE MILLENNIUM FUND MAY CONSIST OF ANY OTHER MONEYS THAT MAY BE
27 APPROPRIATED OR OTHERWISE DIRECTED TO THE FUND BY THE LEGISLATURE, INCLUD-
28 ING OTHER MONEYS OR ASSETS THAT THE FUND RECEIVES BY BEQUEST OR PRIVATE
29 DONATION, TO PROVIDE THAT MONEYS IN THE MILLENNIUM FUND SHALL BE ALLOWED
30 TO ACCUMULATE, BUT SHALL NOT EXCEED A MAXIMUM LIMIT AS DETERMINED BY LAW,
31 TO PROVIDE THAT ANY AMOUNTS SO ACCUMULATING IN THE IDAHO MILLENNIUM FUND
32 WHICH EXCEED THE MAXIMUM LIMIT, SHALL BE TRANSFERRED, NO LESS THAN ONCE A
33 YEAR, TO THE IDAHO MILLENNIUM PERMANENT ENDOWMENT FUND AND TO PROVIDE THAT
34 SUCH MONEYS AND EARNINGS SO TRANSFERRED TO THE PERMANENT ENDOWMENT FUND
35 SHALL ALSO REMAIN INVIOLATE AND INTACT; STATING THE QUESTION TO BE SUBMIT-
36 TED TO THE ELECTORATE; DIRECTING THE LEGISLATIVE COUNCIL TO PREPARE THE
37 STATEMENTS REQUIRED BY LAW; AND DIRECTING THE SECRETARY OF STATE TO PUB-
38 LISH THE AMENDMENT AND ARGUMENTS AS REQUIRED BY LAW.
39 Be It Resolved by the Legislature of the State of Idaho:
40 SECTION 1. That Article VII of the Constitution of the State of Idaho be
41 amended by the addition of a NEW SECTION, to be known and designated at Sec-
42 tion 18, Article VII of the Constitution of the State of Idaho and to read as
43 follows:
2
1 SECTION 18. IDAHO MILLENNIUM PERMANENT ENDOWMENT FUND -- IDAHO
2 MILLENNIUM INCOME FUND -- IDAHO MILLENNIUM FUND. There is hereby cre-
3 ated in the state treasury an Idaho Millennium Permanent Endowment
4 Fund. The fund shall consist of eighty percent of the moneys received
5 each year by the state of Idaho on and after January 1, 2007, pursu-
6 ant to the master settlement agreement entered into between tobacco
7 product manufacturers and the state of Idaho, and any other moneys
8 that may be appropriated or otherwise directed to the fund by the
9 legislature, including other moneys or assets that the fund receives
10 by bequest or private donation. The moneys received annually for
11 deposit to the fund, including earnings, shall forever remain invio-
12 late and intact. No portion of the permanent endowment fund shall
13 ever be transferred to any other fund, or used, or appropriated,
14 except as follows: each year, the state treasurer shall distribute
15 five percent of the permanent endowment fund's average monthly fair
16 market value for the first twelve months of the preceding twenty-four
17 months, to the Idaho Millennium Income Fund, and provided, that such
18 distribution shall not exceed the permanent endowment fund's fair
19 market value on the first business day of July.
20 The Idaho Millennium Income Fund, which is hereby created in the
21 state treasury, is subject to appropriation as provided by law, and
22 shall consist of the distribution from the Idaho Millennium Permanent
23 Endowment Fund and other moneys that may be appropriated or otherwise
24 directed to the fund as provided by law.
25 The remaining twenty percent of the moneys received by the state
26 of Idaho on and after January 1, 2007, pursuant to the master settle-
27 ment agreement entered into between tobacco product manufacturers and
28 the state of Idaho and the earnings thereon, shall be deposited to
29 the Idaho Millennium Fund. The fund may consist of any other moneys
30 that may be appropriated or otherwise directed to the fund by the
31 legislature, including other moneys or assets that the fund receives
32 by bequest or private donation. Moneys in the fund shall be allowed
33 to accumulate, but shall not exceed a maximum limit as determined by
34 law. Any amounts so accumulating in the Idaho Millennium Fund which
35 exceed the maximum limit, shall be transferred, no less than once a
36 year, to the Idaho Millennium Permanent Endowment Fund, and such
37 moneys and earnings in the permanent endowment fund shall also remain
38 inviolate and intact.
39 SECTION 2. The question to be submitted to the electors of the State of
40 Idaho at the next general election shall be as follows:
41 "Shall the Constitution of the State of Idaho be amended by the addition
42 of a new Section 18, Article VII, to create an Idaho Millennium Permanent
43 Endowment Fund to consist of eighty percent of the moneys received each year
44 by the state of Idaho on and after January 1, 2007, pursuant to the Master
45 Settlement Agreement entered into between tobacco product manufacturers and
46 the state of Idaho, and any other moneys that may be appropriated or otherwise
47 directed to the Idaho Millennium Permanent Endowment Fund by the legislature,
48 including other moneys or assets that the Idaho Millennium Permanent Endowment
49 Fund receives by bequest or private donation, to provide that such moneys
50 shall remain inviolate and intact except that the state treasurer shall dis-
51 tribute five percent of the Idaho Millennium Permanent Endowment Fund's aver-
52 age monthly fair market value for the first twelve months of the preceding
53 twenty-four months to the Idaho Millennium Income Fund, to provide that such
54 distribution shall not exceed the Idaho Millennium Permanent Endowment Fund's
3
1 fair market value on the first business day of July; to create an Idaho
2 Millennium Income Fund, subject to appropriation as provided by law, to con-
3 sist of the distribution from the Idaho Millennium Permanent Endowment Fund
4 and other moneys that may be appropriated or otherwise directed to the Idaho
5 Millennium Income Fund as provided by law; and to provide that the remaining
6 twenty percent of the moneys received by the state of Idaho on and after Janu-
7 ary 1, 2007, pursuant to the Master Settlement Agreement entered into between
8 tobacco product manufacturers and the state of Idaho and the earnings thereon,
9 shall be deposited to the Idaho Millennium Fund, to provide that the Idaho
10 Millennium Fund may consist of any other moneys that may be appropriated or
11 otherwise directed to the Idaho Millennium Fund by the legislature, including
12 other moneys or assets that the Idaho Millennium Fund receives by bequest or
13 private donation, to provide that moneys in the Idaho Millennium Fund shall be
14 allowed to accumulate, but shall not exceed a maximum limit as determined by
15 law, to provide that any amounts so accumulating in the Idaho Millennium Fund
16 which exceed the maximum limit, shall be transferred, no less than once a
17 year, to the Idaho Millennium Permanent Endowment Fund and to provide that
18 such moneys and earnings in the permanent endowment fund shall also remain
19 inviolate and intact?".
20 SECTION 3. The Legislative Council is directed to prepare the statements
21 required by Section 67-453, Idaho Code, and file the same.
22 SECTION 4. The Secretary of State is hereby directed to publish this pro-
23 posed constitutional amendment and arguments as required by law.
STATEMENT OF PURPOSE
RS 16071
This joint resolution proposes a constitutional amendment to create
the Idaho Millennium Permanent Endowment Fund. The fund will receive
80% of all future tobacco settlement payments to Idaho. A
constitutional amendment is the only method to create an endowment
fund that is not subject to appropriation.
Currently, the tobacco settlements are deposited into the statutorily
created Idaho Millennium Fund. In the future, the Idaho Millennium
Fund will receive 20% of tobacco settlement payments to the state.
The Legislature would set a statutory cap on the fund balance, and
once that cap was met future settlement payments and earnings thereon
would transfer back to the Permanent Endowment Fund.
The current mechanism to annually distribute 5% of the increase in
market value over a twelve month period to the Millennium Income Fund
would apply to both the Idaho Millennium Permanent Endowment Fund and
the Idaho Millennium Fund. The funds in the Income Fund would be
subject to appropriation for projects approved by the Millennium Fund
Committee.
FISCAL IMPACT
The fiscal impact to place this proposed constitutional amendment on
the ballot will be $50,000 from the General Fund.
Contact
Name: Senators Patti Representatives Dennis
Anne Lodge, Denton Lake, Jim Clark,
Darrington, Dean Janice McGeachin,
Cameron, Elliot Margaret Henbest, John
Werk, Kate Kelly Rusche
Phone: (208) 332 1000
STATEMENT OF PURPOSE/FISCAL NOTE SJR 107