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H0231..........................................................by EDUCATION
SCHOOL DISTRICTS - INVESTMENTS - Amends existing law to clarify that school
districts may invest in the investments permitted by the provisions of
Sections 67-1210 and 67-1210A, Idaho Code.
02/22 House intro - 1st rdg - to printing
02/23 Rpt prt - to Educ
02/28 Rpt out - rec d/p - to 2nd rdg
03/01 2nd rdg - to 3rd rdg
03/02 3rd rdg - PASSED - 62-2-6
AYES -- Anderson, Andrus, Barrett, Bayer, Bedke, Bell, Bilbao, Block,
Bock, Bolz, Brackett, Bradford, Chadderdon, Chavez, Chew, Clark,
Collins, Crane, Durst, Edmunson, Eskridge, Hagedorn, Hart, Henbest,
Henderson, Jaquet, Killen, King, Kren, Labrador, Lake, LeFavour,
Luker, Marriott, Mathews, Mortimer, Moyle, Nielsen, Nonini,
Pasley-Stuart, Patrick, Pence, Raybould, Ring, Ringo, Roberts,
Ruchti, Rusche, Sayler, Shepherd(2), Shepherd(8), Shirley, Shively,
Smith(30), Snodgrass, Stevenson, Thayn, Trail, Vander Woude, Wills,
Wood(27), Mr. Speaker
NAYS -- Harwood, Wood(35)
Absent and excused -- Black, Boe, Loertscher, McGeachin, Schaefer,
Smith(24)
Floor Sponsor - Nonini
Title apvd - to Senate
03/05 Senate intro - 1st rdg - to Educ
03/08 Rpt out - rec d/p - to 2nd rdg
03/09 2nd rdg - to 3rd rdg
03/15 3rd rdg - PASSED - 34-0-1
AYES -- Andreason, Bair, Bilyeu, Broadsword, Burkett, Cameron,
Coiner, Corder, Darrington, Davis, Fulcher, Gannon, Geddes, Goedde,
Hammond, Heinrich, Hill, Jorgenson, Kelly, Keough, Langhorst, Little,
Lodge, Malepeai, McGee, McKague, McKenzie, Pearce, Richardson,
Schroeder, Siddoway, Stegner, Stennett, Werk
NAYS -- None
Absent and excused -- Bastian
Floor Sponsor - Gannon
Title apvd - to House
03/16 To enrol - Rpt enrol - Sp signed
03/19 Pres signed - To Governor
03/23 Governor signed
Session Law Chapter 169
Effective: 07/01/07
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-ninth Legislature First Regular Session - 2007
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 231
BY EDUCATION COMMITTEE
1 AN ACT
2 RELATING TO FISCAL AFFAIRS OF SCHOOL DISTRICTS; AMENDING SECTION 33-701, IDAHO
3 CODE, TO CLARIFY THAT SCHOOL DISTRICTS MAY INVEST IN THE INVESTMENTS PER-
4 MITTED BY THE PROVISIONS OF SECTIONS 67-1210 AND 67-1210A, IDAHO CODE.
5 Be It Enacted by the Legislature of the State of Idaho:
6 SECTION 1. That Section 33-701, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 33-701. FISCAL YEAR -- PAYMENT AND ACCOUNTING OF FUNDS. The fiscal year
9 of each school district shall be a period of twelve (12) months commencing on
10 the first day of July in each year.
11 The board of trustees of each school district shall have the following
12 powers and duties:
13 1. To determine and order paid all lawful expenses for salaries, wages
14 and purchases, whether or not there be money in the treasury for payment of
15 warrants drawn against any fund of the district. Warrants shall be signed by
16 the treasurer of the district and countersigned by the chairman or vice-chair-
17 man of the board of trustees.
18 Whenever any school district has sufficient funds on deposit to do so, it
19 may pay any allowed claim for salaries, wages or purchases by regular bank
20 check signed by the treasurer or assistant treasurer of the district and coun-
21 tersigned by the chairman, or vice-chairman, of the board of trustees.
22 The total amount of warrants or orders for warrants drawn on any fund,
23 together with disbursements from such fund in any other manner made, shall not
24 exceed ninety-five percent (95%) of the estimated income and revenue accrued
25 or accruing to such fund for the same school year, until such income and reve-
26 nue shall have been paid into the treasury to the credit of the district;
27 2. To invest all or part of any plant facilities reserve fund, or any
28 fund accumulated for the payment of interest on, and the redemption of, out-
29 standing bonds, or other obligations of the district in bonds or certificates
30 of indebtedness of the United States of America, or in bonds or investments
31 permitted by sections 67-1210 and 67-1210A, Idaho Code, or warrants of the
32 state of Idaho, or in warrants or tax anticipation notes of any county or
33 school district of the state of Idaho, when such investments shall be due and
34 payable on or before the date any plant facilities reserve fund shall be
35 required to be expended or any bonds or other obligations, or interest
36 thereon, of the investing district shall become payable.
37 Whenever in the judgment of the board of trustees, the proceeds of any
38 bond issue should be temporarily invested pending the expenditure of such pro-
39 ceeds for the purposes for which such bonds were issued, the proceeds may be
40 invested in the manner and form hereinabove prescribed. Any interest, or prof-
41 its accruing from such investments shall be used for the purposes for which
42 the bonds were issued. Unless otherwise provided by law, any interest or prof-
43 its accruing from the investment of any funds shall be credited to the general
2
1 fund of the district;
2 3. To insure any schoolhouse and other property, and the district,
3 against any loss by fire, casualty, or liability, and the board, its officers
4 and employees, and to preserve its property for the benefit of the district.
5 In case of loss of any insured property, any proceeds from insurance:
6 (a) May be expended in constructing a temporary or permanent structure,
7 but no sum greater than the insurance proceeds shall be so expended except
8 upon approval of a majority of the school district electors voting in an
9 election called for that purpose; or
10 (b) May be placed in and made a part of the school plant facilities
11 reserve fund of the district, if the district has such a fund; or
12 (c) May be placed in a separate account in the bond interest and redemp-
13 tion fund of the district to repay any kind of obligation incurred by the
14 district in replacing or restoring the property for which the insurance
15 proceeds were received, and shall not be included in the computations of
16 bond and bond interest levies as provided in section 33-802A, Idaho Code.
17 If the proceeds of any insurance received by a school district by reason
18 of loss on real property shall be less than five thousand dollars ($5,000),
19 such proceeds may be credited to the general fund of the district;
20 4. To pay from the general fund of the district the expense of any member
21 of the board incurred while traveling on the business of the board, or attend-
22 ing any meeting called by the state board of education or by the state super-
23 intendent of public instruction, or attending any annual or special meetings
24 of the state school trustees association, and to pay the membership fee of the
25 board of trustees in said association. Whenever any member of the board of
26 trustees resides at such distance from the meeting place of the board as to
27 require, in the judgment of the board, such member to incur extraordinary
28 expense in traveling from his home to and from said meeting place, the board
29 may approve payment to such member of the extraordinary expense incurred in
30 attending any meeting of the board.
31 For the purpose of this paragraph, the term "expense" or "extraordinary
32 expense" shall include allowance for mileage or actual travel expense incur-
33 red;
34 5. To prepare, or cause to be prepared and published, in the manner here-
35 inafter prescribed, within one hundred twenty (120) days from the last day of
36 each fiscal year, an annual statement of financial condition and report of the
37 school district as of the end of such fiscal year in a form prescribed by the
38 state superintendent of public instruction. Such annual statement shall
39 include, but not be limited to, the amounts of money budgeted and received and
40 from what sources, and the amounts budgeted and expended for salaries and
41 other expenses by category. Salaries may be reported in gross amount. Each
42 school district shall have available at the administrative office, upon
43 request, a full and complete list of vendors and the amount paid to each and a
44 list of the number of teachers paid at each of the several stated gross salary
45 levels in effect in the district.
46 Nothing herein provided shall be construed as limiting any school district
47 as to any additional or supplementary statements and reports it may elect to
48 make for the purpose of informing the public of its financial operations,
49 either as to form, content, method, or frequency; and if all the information
50 required herein to be published shall have been published as provided herein
51 at regular intervals during the fiscal year covering successive portions of
52 the fiscal year, then such information may be omitted from the annual state-
53 ment of financial condition and report for such portions of the fiscal year as
54 already have been reported.
55 The annual statement of financial condition and report shall be published
3
1 within the time above prescribed in one (1) issue of a newspaper printed and
2 published within the district, or, if there be none, then in a newspaper as
3 provided in section 60-106, Idaho Code, published within the district, or, if
4 there be none, then in a newspaper as provided in section 60-106, Idaho Code,
5 in the county in which the school district is located, or, if more than one
6 (1) newspaper is published in said district or county, then in the newspaper
7 most likely to give best general notice of the contents of such annual state-
8 ment of financial condition and report to the residents of said district; pro-
9 vided, that if no newspaper is published in the district or county, then such
10 statement of financial condition and report shall be published in a newspaper
11 as provided in section 60-106, Idaho Code, most likely to give best general
12 notice of the contents to the residents of said district.
13 The chairman, clerk and treasurer of each school district shall certify
14 the annual statement of financial condition and report to be true and correct,
15 and the certification shall be included in each published statement.
16 In the event the board of trustees of any school district shall fail to
17 prepare or cause to be prepared or to publish the annual statement of finan-
18 cial condition and report as herein required, the state superintendent of pub-
19 lic instruction shall cause the same to be prepared and published, and the
20 cost thereof shall be an obligation of the school district. One (1) copy of
21 the annual statement of financial condition and report shall be retained in
22 the office of the clerk of the board of school trustees, where the same shall
23 be open at all times to examination and inspection by any person;
24 6. To cause to be made a full and complete audit of the financial state-
25 ments of the district as required in section 67-450B, Idaho Code.
26 The auditor shall be employed on written contract.
27 One (1) copy of the audit report shall be filed with the state department
28 of education, after its acceptance by the board of trustees, but not later
29 than October 15;
30 7. To file annually with the state department of education such financial
31 and statistical reports as said state superintendent of public instruction may
32 require;
33 8. To order and have destroyed any canceled check or warrant, or any form
34 of claim or voucher which has been paid, at any time after five (5) years from
35 the date the same was canceled and paid;
36 9. To review the school district budget periodically and make appropriate
37 budget adjustments to reflect the availability of funds and the requirements
38 of the school district. Any person or persons proposing a budget adjustment
39 under this section shall notify in writing each member of the board of
40 trustees one (1) week prior to the meeting at which such proposal will be
41 made. Prior to the final vote on such a proposal, notice shall be posted and
42 published once, as prescribed in section 33-402, Idaho Code. A budget adjust-
43 ment shall not be approved unless voted affirmatively by sixty percent (60%)
44 of the members of the board of trustees. Such amended budgets shall be submit-
45 ted to the state superintendent of public instruction;
46 10. To invest any money coming into the hands of the school district in
47 investments permitted by section 67-1210, Idaho Code. Unless otherwise pro-
48 vided by law, any interest or profits accruing from the investment of any
49 funds shall be credited to the general fund of the district.
STATEMENT OF PURPOSE
RS 17021
This bill allows school districts to invest under the provisions
of sections 67-1210 and 67-1210A of Idaho Code. This bill will
allow school districts the ability to invest in the state's Local
Government Investment Pool.
FISCAL NOTE
No fiscal impact.
Contact
Name: Ron Crane, Idaho State Treasurer's Office
Phone: 334-3200
STATEMENT OF PURPOSE/FISCAL NOTE H 231