"Shall
Section 4, Article IX of the Constitution of the State of
Idaho be amended to:
1. Change the name of the Public School Fund to the
Public School Permanent Endowment Fund;
2. Provide that the fund shall consist of proceeds from
the sale of school lands and amounts allocated from the
Public School Earnings Reserve Fund;
3. Provide that proceeds from the sale of school lands
may be deposited into a land bank fund to be used to
acquire other lands within the state; and
4. To provide that if those proceeds are not used to
acquire other land within a time provided by the
legislature, the proceeds shall be deposited into the
Public School Permanent Endowment Fund along with any
earnings on the proceeds?".
Statement Of Meaning And Purpose & Effect of Adoption
Statements For & Against the Proposed Amendment
"Shall Article VIII, of the Constitution of the State of Idaho be amended by the addition of a new Section 2A, Article VIII, authorizing the legislature to enact laws establishing a bond bank authority to purchase municipal bonds or other municipal obligations and make loans to municipalities secured by municipal bonds or other municipal obligations; authorizing laws permitting the authority, without an election, to issue revenue bonds payable from or secured by municipal bonds or other obligations, to pledge specific state funds or revenues as a source of payment or security for bonds or other obligations issued by the authority, to establish debt service or other reserve funds, to obtain private credit enhancement for bonds or other obligations issued by the authority, to establish a revolving loan program, to invest moneys held by the authority in securities and other obligations described in the instruments providing for the authority's issuance of bonds or other obligations and in securities or other obligations in which a trustee may invest pursuant to law, and to execute other contracts and take other necessary or appropriate actions to accomplish the purposes of a bond bank authority; authorizing laws permitting municipalities to sell to the authority bonds or other obligations issued in accordance with constitutional limitations or to obtain loans from the authority secured by such bonds or obligations, to levy and collect property taxes, fees, charges and assessments and assign the same to the authority to pay or secure municipal bonds or obligations issued for sale to or as security for loans from the authority, and to execute other contracts and take other necessary or appropriate actions to accomplish the purposes of the bond bank authority; providing that any debt or liability of the state arising from the authority's exercise of its powers shall not be subject to other constitutional limitations and requirements, including voter approval; and defining "municipality" to include any county, city, school district, irrigation district or other special purpose district or political subdivision of the state established by law?".