2005 Idaho Code - 20-102 — PENITENTIARY PERMANENT ENDOWMENT FUND

                                  TITLE  20
                        STATE PRISON AND COUNTY JAILS
                                  CHAPTER 1
                              STATE PENITENTIARY
    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.