66-1101. MENTAL HOSPITAL PERMANENT ENDOWMENT FUND. (1) There is established in the state treasury the mental hospital 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 from the sale of lands granted to the state of Idaho under the provisions of section 11 of the Idaho Admission Bill, 26 Stat. L. 215, ch. 656, known at the time of admission as insane asylum lands, and lands granted in lieu thereof;

(b) Proceeds of royalties from the extraction of minerals on mental hospital lands owned by the state;

(c) Moneys allocated from the mental hospital earnings reserve fund.

(2) Provided however, that proceeds from the sale of mental hospital lands may be first 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 beneficiaries of the mental hospital endowment. If the land sale proceeds are not used to acquire other lands in accordance with section 58-133, Idaho Code, the proceeds shall be deposited into the mental hospital permanent endowment fund along with any earnings on the proceeds.

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

History:

[66-1101 added 1998, ch. 256, sec. 50, p. 845.]