S1227............................................................by FINANCE APPROPRIATIONS - Directs the State Controller to transfer $351,500 to the Public School Permanent Endowment Fund on July 2, 2007. 03/13 Senate intro - 1st rdg - to printing 03/14 Rpt prt - to Fin Rpt out - rec d/p - to 2nd rdg 03/15 2nd rdg - to 3rd rdg 03/20 3rd rdg - PASSED - 33-0-2 AYES -- Andreason, Bair, Bastian, Bilyeu, Broadsword, Burkett, Cameron, Coiner, Corder, Darrington, Davis, Fulcher, Geddes, Goedde, Hammond, Heinrich, Hill, Jorgenson, Kelly, Keough, Langhorst, Little, Lodge, Malepeai, McGee, McKague, McKenzie, Pearce, Richardson, Schroeder, Siddoway, Stegner, Werk NAYS -- None Absent and excused -- Gannon, Stennett Floor Sponsor - Hammond Title apvd - to House 03/20 House intro - 1st rdg - to 2nd rdg 03/21 2nd rdg - to 3rd rdg Rls susp - PASSED - 67-0-3 AYES -- Anderson, Barrett, Bayer, Bedke, Bell, Bilbao, Black, Block, Bock, Boe, Bolz, Brackett, Bradford, Chadderdon, Chavez, Chew, Collins, Crane, Durst, Edmunson, Eskridge, Hagedorn, Hart, Harwood, Henbest, Henderson, Jaquet, Killen, King, Kren, Labrador, Lake, LeFavour, Loertscher, Luker, Marriott, Mathews, McGeachin, Mortimer, Moyle, Nielsen, Nonini, Pasley-Stuart, Patrick, Pence, Raybould, Ring, Ringo, Roberts, Ruchti, Rusche, Sayler, Schaefer, Shepherd(2), Shepherd(8), Shirley, Shively, Smith(30), Smith(24), Snodgrass, Stevenson, Thayn, Vander Woude, Wills, Wood(27), Wood(35), Mr. Speaker NAYS -- None Absent and excused -- Andrus, Clark, Trail Floor Sponsor - Bolz Title apvd - to Senate 03/22 To enrol 03/23 Rpt enrol - Pres signed 03/26 Sp signed - To Governor 03/30 Governor signed Session Law Chapter 334 Effective: 07/01/07
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-ninth Legislature First Regular Session - 2007 IN THE SENATE SENATE BILL NO. 1227 BY FINANCE COMMITTEE 1 AN ACT 2 RELATING TO APPROPRIATIONS; PROVIDING A TRANSFER OF MONEYS FROM THE GENERAL 3 FUND TO THE PUBLIC SCHOOL PERMANENT ENDOWMENT FUND. 4 Be It Enacted by the Legislature of the State of Idaho: 5 SECTION 1. There is hereby appropriated and the State Controller shall 6 transfer, on July 2, 2007, or as soon thereafter as is practicable, $351,500 7 from the General Fund to the Public School Permanent Endowment Fund. Such 8 moneys shall be used to replace the moneys transferred between 1996 and 2007 9 from the Unclaimed Property Account to the General Fund that should have been 10 transferred to the Public School Permanent Endowment Fund pursuant to the 11 escheat provision of Section 4, Article IX, of the Constitution of the State 12 of Idaho.
|Statement of Purpose|
This is a trailer bill to Senate Bill 1098 which dealt with the distribution of unclaimed property. In 1996 the tax commission did some consolidation work on the unclaimed property statutes and inadvertently revised several statutes to conflict with the State Constitution. The Constitution requires that all distribution of funds received from estates for which no heirs can be located and certain unclaimed shares and dividends be part of the Public School Permanent Endowment. S1098 changed the law back to conform to the Constitution for future distributions effective July 1, 2007.
Over the last eleven years (fiscal year 1997 through fiscal year 2007), $351,500 from forty-nine escheated estates were transferred to the General Fund. This trailer legislation rights that wrong by transferring that amount from the General Fund to the Permanent Fund. This appropriation allows the assets of those who passed without heirs during the last 11 years to be retained as a perpetual memorial and provide an ongoing legacy of income to Idaho schools.
This legislation transfers $351,500 from the General Fund to the Public School Permanent Endowment Fund. The Endowment Fund Investment Board invests the Permanent Fund and, at the discretion of the Land Board, earnings are distributed to the income fund for appropriation to Public Schools.
Contact: Ray Houston 334-4741
Legislative Services Office, Budget & Policy Analysis
|Statement of Purpose/Fiscal Note||Bill No. S1227|