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H0498.........................................by RESOURCES AND CONSERVATION
TIMBER SALES - Amends existing law to authorize the director of the
Department of Lands to apply all or a portion of specified deposits as
final payment or payments for forest products removed or to satisfy other
contractual obligations.
02/08 House intro - 1st rdg - to printing
02/11 Rpt prt - to Res/Con
02/14 Rpt out - rec d/p - to 2nd rdg
02/15 2nd rdg - to 3rd rdg
02/19 3rd rdg - PASSED - 69-0-1
AYES -- Anderson, Andrus, Barrett, Bayer, Bedke, Bell, Bilbao, Black,
Block, Bock, Boe, Bolz, Bowers, Brackett, Chadderdon, Chavez, Chew,
Clark, Collins, Crane, Durst, Eskridge, Hagedorn, Hart, Harwood,
Henbest(Burgoyne), Henderson, Jaquet, Killen, King, Kren, Labrador,
Lake, LeFavour, Loertscher, Luker, Marriott, Mathews, McGeachin,
Mortimer, Moyle, Nielsen, Nonini, Pasley-Stuart, Patrick, Pence,
Raybould, Ringo, Roberts, Ruchti, Rusche, Sayler, Schaefer,
Shepherd(02), Shepherd(08), Shirley, Shively, Smith(24),
Smith(30)(Stanek), Snodgrass, Stevenson, Thayn, Thomas, Trail, Vander
Woude, Wills, Wood(27), Wood(35), Mr. Speaker
NAYS -- None
Absent and excused -- Bradford
Floor Sponsor - Sayler
Title apvd - to Senate
02/20 Senate intro - 1st rdg - to Res/Env
03/06 Rpt out - rec d/p - to 2nd rdg
03/07 2nd rdg - to 3rd rdg
03/10 3rd rdg - PASSED - 34-0-1
AYES -- Andreason, Bair, Bastian, Bilyeu, Broadsword, Burkett,
Cameron, Coiner, Corder, Darrington, Davis, Fulcher, Gannon, Geddes,
Goedde, Hammond, Heinrich, Hill, Jorgenson, Kelly, Keough, Langhorst,
Little, Lodge, Malepeai(Sagness), McGee, McKague, Pearce, Richardson,
Schroeder, Siddoway, Stegner, Stennett, Werk
NAYS -- None
Absent and excused -- McKenzie
Floor Sponsor - Broadsword
Title apvd - to House
03/11 To enrol - Rpt enrol - Sp signed
03/12 Pres signed - To Governor
03/14 Governor signed
Session Law Chapter 114
Effective: 07/01/08
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-ninth Legislature Second Regular Session - 2008IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 498 BY RESOURCES AND CONSERVATION COMMITTEE 1 AN ACT 2 RELATING TO THE SALE OF TIMBER; AMENDING SECTION 58-411, IDAHO CODE, TO AU- 3 THORIZE THE DIRECTOR OF THE DEPARTMENT OF LANDS TO APPLY ALL OR A PORTION 4 OF SPECIFIED DEPOSITS AS FINAL PAYMENT OR PAYMENTS FOR FOREST PRODUCTS 5 REMOVED OR TO SATISFY OTHER CONTRACTUAL OBLIGATIONS. 6 Be It Enacted by the Legislature of the State of Idaho: 7 SECTION 1. That Section 58-411, Idaho Code, be, and the same is hereby 8 amended to read as follows: 9 58-411. SALE OF TIMBER. Timber belonging to the state of Idaho may be 10 sold at public auction by the state board of land commissioners, at their 11 option, as follows: ten percent (10%) of the estimated value of the timber, 12 after deducting the development credits attendant to the sale of the timber, 13 shall be presented as a bid deposit, in a form acceptable to the state, on the 14 day of sale. Ten percent (10%) of the purchase price of the timber, after 15 deducting the development credits attendant to the sale of the timber, shall 16 be due and payable within ten (10) days of the date of sale. This sum shall be 17 retained by the director of the department of lands as a cash reserve for the 18 duration of the sale or the director may, at his discretion, apply all or a 19 portion of the sum as final payment or payments for forest products removed or 20 to satisfy other contractual obligations. The balance of such purchase price 21 shall be paid at such time as the timber is scaled and billed with interest 22 computed from the date of sale to the date of billing at the rate per annum 23 set by the state board of land commissioners. Lump sum sales may be sold for 24 cash at the time of sale or upon such terms and conditions as the state board 25 of land commissioners may prescribe.
STATEMENT OF PURPOSE
RS 17668
This proposed legislation will allow the Idaho Department of
Lands (IDL) to return to its former practice of allowing, at
IDL's discretion, the purchaser of a state timber sale the
opportunity to apply all, or a portion of the purchaser's initial
cash deposit as a final payment or a series of payments toward
the remaining value of the timber sale.
FISCAL NOTE
This proposed change could result in loss of interest income
earned by the State on the amount of the purchasers' initial cash
deposit. The amount varies depending upon the average daily
interest rate of the State Treasurer, the actual time the timber
sale purchaser takes to complete a given timber sale, the amount
of initial cash deposit returned or credited and when the final
application of the initial cash deposit is returned or credited.
In the past three (3) years, the amount of estimated monthly
interest earnings has varied from a low of $1,130.18 to a high of
$1,801.01 with a three (3) year average of $1,447.90.
CONTACT:
Name: Jane Wittmeyer, Intermountain Forest Association
Phone: 342-3454
Sponsors: Representatives Stevenson, Clark, Nonini, Sayler
Phone: 332-1000
Sponsors: Senators Schroeder, Broadsword, Little
Phone: 332-1000
STATEMENT OF PURPOSE/FISCAL NOTE H 498
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