Proposed Amendment to the Constitution of the State of Idaho:
Section 4, Article IX
Meaning and Purpose of Proposed Amendment:
If adopted, the proposed amendment would:
Change the name of the Public School Fund to the Public School Permanent Endowment Fund;
Provide that proceeds from the sale of public school endowment lands and amounts allocated from the Public School Earnings Reserve Fund be included in the Public School Permanent Endowment Fund; and
Provide an exception that proceeds from the sale of public school endowment lands may be deposited into a Land Bank Fund to be used to acquire other lands within the state for the benefit of endowment beneficiaries, which are Idaho's public schools. However, if those proceeds are not used to acquire other lands within a time provided by the legislature, the proceeds of the sale shall be deposited into the Public School Permanent Endowment Fund along with earnings on the proceeds.
Effect of Adoption:
The Public School Fund would be renamed the Public School Permanent Endowment Fund. That fund would include proceeds from the sale of lands of the public school endowment and amounts allocated from the Public School Earnings Reserve Fund. However, an exception would be provided so that proceeds from the sale of public school endowment lands may be deposited into a Land Bank Fund to be used to acquire other lands within the state for the benefit of Idaho's public schools. Land sale proceeds not used to acquire other lands within a time provided by the legislature would have to be deposited into the Public School Permanent Endowment Fund along with earnings on the proceeds.
Section 8, Article IX
Meaning and Purpose of Proposed Amendment:
To delete the word "disposal" and replace it with the word "sale" so the relevant phrase would read: "the general grants of land made by congress to the state shall be . . . subject to sale at public auction."
Effect of Adoption:
The state constitution would require that sales of endowment lands be performed at public auctions.