66-1103. CHARITABLE INSTITUTIONS PERMANENT ENDOWMENT FUND. (1) There is established in the state treasury the charitable institutions 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 for charitable, educational, penal and reformatory institutions by the Idaho Admission Bill, 26 Stat. L. 215, ch. 656, and lands granted in lieu thereof;

(b) Proceeds of royalties from the extraction of minerals on charitable institutions endowment lands owned by the state;

(c) Moneys allocated from the charitable institutions earnings reserve fund;

(2) Provided however, that proceeds from the sale of charitable institutions endowment 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 charitable institutions 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 charitable institutions permanent endowment fund along with any earnings on the proceeds.

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

History:

[66-1103 added 1998, ch. 256, sec. 55, p. 847.]