Idaho State Statutes - Idaho Attorney Directory

(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.

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