SENATE BILL NO. 1227

2007 Legislation

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SENATE BILL NO. 1227 – Public School Endowmnt fund transfr

View Statement of Purpose / Fiscal Impact

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Bill Status


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

Bill Text


                                                                        
                                                                        
  ]]]]              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 / Fiscal Impact

Statement of Purpose

RS16602C1

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.

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Fiscal Note

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