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LEGISLATURE
OF
THE
STATE
OF
IDAHO
Sixty-eighth
Legislature
Second
Regular
Session
-
2026
IN
THE
HOUSE
OF
REPRESENTATIVES
HOUSE
BILL
NO.
740
BY
EDUCATION
COMMITTEE
AN
ACT
1
RELATING
TO
PUBLIC
FUNDS;
AMENDING
SECTION
57
-
723A,
IDAHO
CODE,
TO
REVISE
2
PROVISIONS
REGARDING
THE
DEPOSIT
AND
DISTRIBUTION
OF
EARNINGS
RESERVE
3
FUNDS;
AND
DECLARING
AN
EMERGENCY
AND
PROVIDING
AN
EFFECTIVE
DATE.
4
Be
It
Enacted
by
the
Legislature
of
the
State
of
Idaho:
5
SECTION
1.
That
Section
57
-
723A,
Idaho
Code,
be,
and
the
same
is
hereby
6
amended
to
read
as
follows:
7
57
-
723A.
DEPOSIT
AND
DISTRIBUTION
OF
EARNINGS
RESERVE
FUNDS
-
-
INCOME
8
FUNDS
-
-
ADMINISTRATIVE
COSTS.
(1)
As
directed
by
the
state
board
of
land
9
commissioners,
the
investment
board
shall
distribute
the
earnings
from
the
10
investments
or
securities
in
accordance
with
this
act
and
the
laws
governing
1
1
the
respective
endowment
funds.
Earnings
from
the
investment
of
permanent
12
endowment
funds
related
to
state
land
grants
shall
be
deposited
into
each
en
-
13
dowment's
respective
earnings
reserve
fund
for
distribution
as
provided
in
14
this
section.
15
(2)
At
least
annually,
the
state
board
of
land
commissioners
shall
dis
-
16
tribute
moneys
constituting
earnings
reserve
funds,
in
excess
of
the
amount
17
necessary
to
pay
administrative
costs,
to
the
income
funds
of
the
respec
-
18
tive
endowments,
to
each
endowment's
respective
permanent
endowment
fund
or
19
maintained
as
a
free
fund
balance
in
the
earnings
reserve
funds,
in
amounts
20
to
be
determined
by
the
state
board
of
land
commissioners.
21
(3)
The
earnings
intended
to
support
the
beneficiaries
of
the
public
22
school
endowment
shall
be
distributed
by
special
distribution
from
the
state
23
department
of
education
on
a
per
-
pupil
basis
using
the
average
daily
atten
-
24
dance
calculation
in
section
33
-
1003A,
Idaho
Code,
to
a
school
district,
as
25
defined
in
section
33
-
1001,
Idaho
Code,
for
each
student
in
kindergarten
26
through
grade
12
who
receives
a
majority
of
his
or
her
instruction
at
a
physi
-
27
cal
facility
that
is
owned
or
leased
by
the
school
district
or
public
charter
28
school.
29
(3)
(4)
Moneys
in
the
earnings
reserve
funds
shall
be
available
for
ap
-
30
propriation
by
the
legislature
to
pay
for
administrative
costs
incurred
man
-
31
aging
the
assets
of
the
endowments
including,
but
not
limited
to,
real
prop
-
32
erty
and
monetary
assets.
33
SECTION
2.
An
emergency
existing
therefor,
which
emergency
is
hereby
34
declared
to
exist,
this
act
shall
be
in
full
force
and
effect
on
and
after
35
July
1,
2026.
36