2005 Idaho Code - 72-912 — INVESTMENT OF SURPLUS OR RESERVE

                                  TITLE  72
                      WORKER'S COMPENSATION AND RELATED
                        LAWS -- INDUSTRIAL COMMISSION
                                  CHAPTER 9
                             STATE INSURANCE FUND
    72-912.  INVESTMENT OF SURPLUS OR RESERVE. The endowment fund investment
board shall at the direction of the manager invest any of the surplus or
reserve funds belonging to the state insurance fund in real estate and the
same securities and investments authorized for investments by insurance
companies in Idaho as shall be approved by the manager. The endowment fund
investment board shall be the custodian of all such securities or evidences of
indebtedness, provided that the endowment fund investment board may employ a
custodial bank to hold such securities.  The state insurance fund is
authorized to pay the actual expenses of the endowment fund investment board
which the board incurs in investing surplus or reserve funds and which are
approved by the manager of the state insurance fund. It shall collect the
principal and interest thereof, when due, and pay the same into the state
insurance fund. The state treasurer shall pay all warrants or vouchers drawn
on the state insurance manager and by the state controller. The endowment fund
investment board at the request of the manager may sell any of such
securities, the proceeds thereof to be paid over to the state treasurer for
said insurance fund. Where such funds of the state insurance fund have been or
are hereafter invested, with real property as security, and the said real
property has been or is hereafter acquired by the state of Idaho by reason of
foreclosure proceedings, voluntary deed, or otherwise, such property shall be
held in trust by the state of Idaho for the benefit of the state insurance
fund and may be sold by the endowment fund investment board at the request of
the manager of said fund, and said sale may be had at private sale or public
auction, upon such terms and under such conditions as the endowment fund
investment board deems for the best interest of the state, but no sale of real
estate at private sale may be had for a less price than the amount, with
accrued interest, costs and expenses, which has been invested by the state
insurance fund in said real estate. Where such sale is to be made at public
auction, it must take place in the county where the real estate is situated,
and notice of time and place of sale must be posted in three (3) of the most
public places in such county, and published in a newspaper, if there be one
(1) printed in the said county, for at least once a week for not less than two
(2) consecutive weeks, within thirty (30) days prior to the sale. Where such
sale is to be made at private sale, it must take place in the county where the
real estate is situated, and notice of time and place of sale must be posted
in three (3) of the most public places in such county, and published in a
newspaper, if there be one (1) printed in said county, for at least once a
week for not less than two (2) consecutive weeks, within thirty (30) days
prior to the sale. The notice must state a day on or after which the sale will
be made, and a place where offers or bids will be received. The day last
referred to must be at least fifteen (15) days from the first publication of
notice, and the sale must not be made before that day, but must be made within
six (6) months thereafter. The bids or offers must be in writing, sealed, and
delivered to the investment manager of the endowment fund investment board.
The real estate and tenements, or the part thereof or interest therein to be
sold, must be described with common certainty in the notice. The deed or deeds
to such real estate shall be executed in the name of the state of Idaho as
required by section 16, chapter 4 of the constitution of the state of Idaho,
and the proceeds from any such sale be paid over to the state treasurer for
said insurance funds.