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LEGISLATURE
OF
THE
STATE
OF
IDAHO
Sixty-eighth
Legislature
Second
Regular
Session
-
2026
IN
THE
SENATE
SENATE
BILL
NO.
1338
BY
STATE
AFFAIRS
COMMITTEE
AN
ACT
1
RELATING
TO
THE
STATE
TREASURER;
AMENDING
SECTION
67
-
1210,
IDAHO
CODE,
TO
2
PROVIDE
THAT
IDLE
MONEYS
MAY
BE
INVESTED
IN
PHYSICAL
GOLD
AND
SILVER
IN
3
CERTAIN
INSTANCES,
TO
PROVIDE
FOR
STORAGE
OF
PHYSICAL
GOLD
AND
SILVER,
4
AND
TO
PROVIDE
FOR
A
MAXIMUM
ALLOWED
INVESTMENT;
AND
DECLARING
AN
EMER
-
5
GENCY
AND
PROVIDING
AN
EFFECTIVE
DATE.
6
Be
It
Enacted
by
the
Legislature
of
the
State
of
Idaho:
7
SECTION
1.
That
Section
67
-
1210,
Idaho
Code,
be,
and
the
same
is
hereby
8
amended
to
read
as
follows:
9
67
-
1210.
INVESTMENT
OF
IDLE
MONEYS.
(1)
It
shall
be
the
duty
of
the
10
state
treasurer
to
invest
idle
moneys
in
the
state
treasury
in
any
of
the
1
1
following:
12
(a)
Bonds,
treasury
bills,
interest
-
bearing
notes,
or
other
obliga
-
13
tions
of
the
United
States,
or
those
for
which
the
faith
and
credit
of
14
the
United
States
are
pledged
for
the
payment
of
principal
and
interest.
15
(b)
General
obligation
or
revenue
bonds
of
this
state,
or
those
for
16
which
the
faith
and
credit
of
this
state
are
pledged
for
the
payment
of
17
principal
and
interest.
18
(c)
General
obligation
or
revenue
bonds
of
any
county,
city,
metropoli
-
19
tan
water
district,
municipal
utility
district,
school
district,
or
20
other
taxing
district
of
this
state.
21
(d)
Notes,
bonds,
debentures,
or
other
similar
obligations
issued
by
22
the
farm
credit
system
or
institutions
forming
a
part
thereof
under
the
23
farm
credit
act
of
1971,
12
U.S.C.
2001
-
2259,
and
all
acts
of
congress
24
amendatory
thereof
or
supplementary
thereto;
in
bonds
or
debentures
of
25
the
federal
home
loan
bank
board
established
under
the
federal
home
loan
26
bank
act,
12
U.S.C.
1421
-
1449;
in
bonds,
debentures
and
other
obliga
-
27
tions
of
the
federal
national
mortgage
association
established
under
28
the
national
housing
act,
12
U.S.C.
1701
-
1750g,
as
amended,
and
in
the
29
bonds
of
any
federal
home
loan
bank
established
under
said
act
and
in
30
other
obligations
issued
or
guaranteed
by
agencies
or
instrumentali
-
31
ties
of
the
government
of
the
state
of
Idaho
or
of
the
United
States,
32
including
the
United
States
small
business
administration
guaranteed
33
portion
of
any
loan
approved
by
an
Idaho
banking
corporation
and
by
the
34
state
treasurer.
35
(e)
Bonds,
notes
or
other
similar
obligations
issued
by
public
corpo
-
36
rations
of
the
state
of
Idaho
including,
but
not
limited
to,
the
Idaho
37
state
building
authority,
the
Idaho
housing
and
finance
association
and
38
the
Idaho
water
resource
board.
39
(f)
Repurchase
agreements
covered
by
any
legal
investment
for
the
state
40
of
Idaho.
41
2
(g)
Tax
anticipation
notes
and
registered
warrants
of
the
state
of
1
Idaho.
2
(h)
Tax
anticipation
bonds
or
notes
and
income
and
revenue
anticipation
3
bonds
or
notes
of
taxing
districts
of
the
state
of
Idaho.
4
(i)
Time
deposit
accounts
and
savings
accounts
in
state
depositories
5
including,
but
not
limited
to,
accounts
on
which
interest
or
dividends
6
are
paid
and
upon
which
negotiable
orders
of
withdrawal
may
be
drawn,
7
and
similar
transaction
accounts.
8
(j)
Time
deposit
accounts
and
savings
accounts
of
state
or
federal
sav
-
9
ings
and
loan
associations
located
within
the
geographical
boundaries
10
of
the
state
in
amounts
not
to
exceed
the
insurance
provided
by
the
fed
-
1
1
eral
deposit
insurance
corporation
including,
but
not
limited
to,
ac
-
12
counts
on
which
interest
or
dividends
are
paid
and
upon
which
negotiable
13
orders
of
withdrawal
may
be
drawn,
and
similar
transaction
accounts.
14
(k)
Revenue
bonds
of
institutions
of
higher
education
of
the
state
of
15
Idaho.
16
(l)
Share,
savings
and
deposit
accounts
of
state
and
federal
credit
17
unions
located
within
the
geographical
boundaries
of
the
state
in
18
amounts
not
to
exceed
the
insurance
provided
by
the
national
credit
19
union
share
insurance
fund
and/or
any
other
authorized
deposit
guaranty
20
corporation,
including,
but
not
limited
to,
accounts
on
which
interest
21
or
dividends
are
paid
and
upon
which
negotiable
orders
of
withdrawal
may
22
be
drawn,
and
similar
transaction
accounts.
23
(m)
Money
market
funds
whose
portfolios
consist
of
any
allowed
invest
-
24
ment
as
specified
in
this
section.
The
securities
held
in
money
market
25
portfolios
must
be
dollar
-
denominated,
meaning
that
all
principal
and
26
interest
payments
on
such
a
security
are
payable
to
security
holders
in
27
United
States
dollars.
28
(n)(i)
Physical
gold
and
silver.
Except
as
provided
in
subpara
-
29
graph
(ii)
of
this
paragraph,
physical
gold
and
silver,
owned
30
directly
and
held
under
this
subsection,
shall
be
maintained
se
-
31
curely
in
a
depository
for
precious
metals
constructed,
at
a
min
-
32
imum,
to
currently
accepted
industry
standards
for
secure
storage
33
and
located
within
the
geographical
boundaries
of
this
state,
a
34
state
contiguous
to
this
state,
or
the
state
of
Texas.
The
state
35
treasurer
shall
ensure
that
the
gold
and
silver
held
in
a
quali
-
36
fying
depository
under
this
subsection
is
insured,
independently
37
audited,
and
physically
segregated
from
other
assets.
38
(ii)
Physical
gold
and
silver,
owned
directly
and
held
under
this
39
subsection,
may
be
stored
by
a
bank
chartered
under
the
Idaho
bank
40
act
or
a
credit
union
organized
under
the
Idaho
credit
union
act
41
when
such
facility
is
located
within
the
geographical
boundaries
42
of
this
state
and
the
gold
and
silver
is
stored
in
a
class
1
vault.
43
(iii)
The
maximum
allowed
investment
in
physical
gold
and
silver
44
shall
not
exceed
seven
and
one
-
half
percent
(7.5%)
of
the
idle
mon
-
45
eys
invested
pursuant
to
this
section.
46
(2)
The
term
"idle
moneys"
means
the
balance
of
cash
and
other
evidences
47
of
indebtedness
that
are
accepted
by
banks
as
cash
in
the
ordinary
course
of
48
business,
in
demand
deposit
accounts,
after
taking
into
consideration
all
49
deposits
and
withdrawals,
on
a
daily
basis.
50
3
(3)
The
interest
received
on
all
such
investments,
unless
other
-
1
wise
specifically
required
by
law,
shall
be
paid
into
the
general
fund
of
2
the
state
of
Idaho.
Provided,
unless
otherwise
specifically
provided
by
3
statute,
any
interest
earned
on
moneys
received
by
the
state
pursuant
to
a
4
federal
law,
regulation,
or
federal
-
state
agreement
that
governs
disposi
-
5
tion
of
interest
earned
upon
such
moneys
shall
be
accounted
for
separately
to
6
give
effect
to
the
federal
law,
regulation,
or
federal
-
state
agreement.
7
(4)
If
the
interest
is
to
be
credited
to
a
separate
fund,
the
state
trea
-
8
surer
shall
charge
the
fund
an
investment
administration
fee.
The
amount
of
9
the
fee
shall
be
determined
annually
by
the
state
treasurer
and
submitted
to
10
the
board
of
examiners
for
approval.
The
fee
shall
be
expressed
as
an
an
-
1
1
nual
percentage
of
the
average
daily
balance
of
the
fund,
including
separate
12
investments,
if
any,
of
that
fund.
The
fee
shall
be
charged
monthly
in
an
13
amount
approximately
one
twelfth
(1/12)
of
the
fee
that
would
be
payable
on
14
an
annual
basis.
The
amount
of
the
investment
administration
fee
shall
con
-
15
stitute
an
appropriation
from
the
fund
for
which
the
investment
administra
-
16
tion
services
are
rendered.
17
(5)
The
state
treasurer
shall
charge
an
investment
administration
fee
18
to
each
such
state
fund,
including
the
general
fund,
that
is
invested
by
the
19
office
of
state
treasurer.
The
investment
administration
fee
shall
be
de
-
20
termined
annually
by
the
state
treasurer
and
submitted
to
the
board
of
exam
-
21
iners
for
approval.
The
fee
shall
be
expressed
as
an
annual
percentage
of
the
22
average
daily
balance
of
the
fund,
including
separate
investments,
if
any,
23
of
that
fund.
The
fee
shall
be
charged
monthly
in
an
amount
approximately
24
one
twelfth
(1/12)
of
the
fee
that
would
be
payable
on
an
annual
basis.
The
25
amount
of
the
investment
administration
fee
shall
constitute
an
appropria
-
26
tion
from
the
fund
for
which
the
investment
administration
services
are
ren
-
27
dered.
28
(6)
The
term
"to
invest"
means
to
use
the
idle
moneys
in
the
state
trea
-
29
sury
to
buy,
sell,
including
selling
before
maturity
at
either
a
gain
or
a
30
loss,
retain,
or
exchange
any
of
the
investments
described
in
this
section,
31
considering
the
probable
safety
of
the
capital,
the
probable
income
to
be
de
-
32
rived,
and
the
liquidity
of
the
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