57-715. PERMANENT ENDOWMENT FUNDS DECLARED TO BE TRUST FUNDS. Permanent endowment funds of the state of Idaho are hereby declared to be trust funds of the highest and most sacred order and shall be controlled, managed and invested by the investment board and the investment manager(s) or custodian(s) in accordance with the highest standard, as […]
57-716. INVESTMENT OF PROCEEDS OF THE SALES OF PUBLIC LANDS. The proceeds of the sales of endowment lands of the state, if not deposited into the land bank fund established in section 58-133, Idaho Code, and used to purchase other lands, shall be deposited into the appropriate permanent endowment funds and must be invested for […]
57-717. DEFINITIONS. The following words and phrases, when used in this chapter, shall, for the purposes of this chapter, have the meanings respectively ascribed to them in this section, except in those instances where the context clearly indicates a different meaning: (1) "Board" and "investment board" mean the endowment fund investment board herein established. (2) […]
57-718. ESTABLISHMENT OF INVESTMENT BOARD — MEMBERS — QUALIFICATIONS. There is hereby established in the state board of land commissioners an endowment fund investment board, hereinafter referred to as the "investment board." This investment board shall consist of members hereinafter designated who shall be appointed by the governor subject to senate confirmation. The members of […]
57-719. BOARD — APPOINTMENT OF MEMBERS — TERM — REMOVAL — VACANCIES — ORGANIZATION — QUORUM — MEETINGS — COMPENSATION. The members of the board appointed by the governor shall serve for terms of four (4) years, provided that for the first term the governor shall appoint three (3) members who shall serve for a […]
57-720. INVESTMENT AUTHORITY — INVESTMENT POLICIES — ANNUAL AUDIT. (1) The investment board or its investment manager(s) may, and are hereby authorized to, invest the permanent endowment funds and the earnings reserve funds of the state of Idaho and other moneys as required by law. The investment board may, with the approval of the state […]
57-721. MANAGEMENT BY MANAGER OF INVESTMENTS — APPOINTMENT OF CUSTODIAN. (1) The investment board shall contract with or employ a manager of investments to manage the permanent endowment funds, the earnings reserve funds, and such other funds as the investment board is authorized to invest. The manager of investments who is employed or contracted with […]
57-723. INVESTMENT POWERS OF THE BOARD — APPLICATION OF IDAHO UNIFORM PRUDENT INVESTOR ACT. Any other sections of the Code notwithstanding, the investment board or its investment manager(s) or custodian(s) shall have the care and control of all investment instruments representing mortgages, bonds, warrants, investments and other securities in which the permanent endowment funds and […]
57-723A. DEPOSIT AND DISTRIBUTION OF EARNINGS RESERVE FUNDS — INCOME FUNDS — ADMINISTRATIVE COSTS. (1) As directed by the state board of land commissioners, the investment board shall distribute the earnings from the investments or securities in accordance with this act and the laws governing the respective endowment funds. Earnings from the investment of permanent […]
57-724. DETERMINATION OF GAINS AND LOSSES. (1) Gains. Gains to permanent endowment funds shall be determined by the investment board when the current market value of the permanent endowment fund as of the end of the fiscal year exceeds the gain benchmark market value of the permanent endowment fund. Gains for each permanent endowment fund […]
57-724A. EARNINGS DEFINED. "Earnings" shall mean all revenues generated from the management of endowment lands and their related endowment funds including, but not limited to, timber sale proceeds, lease fees, interest, dividends, and gains as defined in section 57-724, Idaho Code; provided however, for the permanent fund of each endowment, on and after July 1 […]
57-725. REPORTS TO THE STATE BOARD OF LAND COMMISSIONERS. The investment board shall make reports to the state board of land commissioners as directed by the state board of land commissioners. History: [57-725, added 1969, ch. 244, sec. 12, p. 764; am. 1972, ch. 69, sec. 8, p. 140; am. 1975, ch. 197, sec. 4, […]
57-727. MANAGER OF INVESTMENTS — STAFF — LEGAL ADVISORS. (1) With the approval of two-thirds (2/3) of the members of the board, a manager of investments and other portfolio managers may be employed or contracted with who shall perform such managerial activities and functions as the board may direct. The manager of investments and portfolio […]
57-728. CREDIT ENHANCEMENT PROGRAM FOR SCHOOL DISTRICT BONDS. (1) The endowment fund investment board shall administer a school district bond credit enhancement program in accordance with this section and in conjunction with chapter 53, title 33, Idaho Code. This program applies to voter approved bonds issued by school districts. The program is intended to benefit […]
