20-102. PENITENTIARY PERMANENT ENDOWMENT FUND. (1) There is established in the state treasury the penitentiary permanent endowment fund. This fund is perpetually appropriated for the beneficiaries of the endowment. The fund shall be managed and invested by the endowment fund investment board according to law and the policies established by the state board of land commissioners. The fund principal shall forever remain intact. The fund shall be a permanent fund and shall consist of the following:

(a) Proceeds of the sale of lands granted to the state of Idaho by the United States government in the Idaho Admission Bill, 26 Stat. L. 215, ch. 656, known as penitentiary endowment lands, and lands granted in lieu thereof;

(b) Proceeds of royalties arising from the extraction of minerals on penitentiary endowment lands owned by the state; and

(c) Moneys allocated from the penitentiary earnings reserve fund.

(2) Proceeds from the sale of penitentiary endowment lands may first be deposited into the land bank fund established in section 58-133, Idaho Code, to be used to acquire other lands within the state for the benefit of the beneficiaries of the penitentiary endowment. If the land sale proceeds are not used to acquire other lands in accordance with section 58-133, Idaho Code, the land sale proceeds shall be deposited into the penitentiary permanent endowment fund along with any earnings on the proceeds.

(3) Earnings from the investment of the penitentiary permanent endowment fund shall be distributed according to the provisions of section 57-723A, Idaho Code.

History:

[20-102 added 1998, ch. 256, sec. 2, p. 827.]