The purpose of this proposed amendment is to create a permanent endowment fund into which 80 percent of the money received annually as a result of the settlement between the state of Idaho and tobacco product manufacturers will be deposited. The remaining 20 percent of the annual settlement will be deposited into the existing Idaho Millennium Fund. No portion of the permanent endowment fund, including earnings, will be transferred, used, or appropriated, with the exception that each year 5 percent of the endowment fund's average monthly fair market value will be distributed to an income fund that will be subject to appropriation. In addition, any money in the Idaho Millennium Fund in excess of a maximum amount, as provided by law, will be transferred annually to the permanent endowment fund.
If the amendment is adopted, 80 percent of the tobacco settlement money Idaho receives each year will be deposited into a newly created permanent endowment fund and 20 percent will be deposited into the existing Idaho Millennium Fund. All money in the permanent endowment fund will remain in the fund, with the exception that every year 5 percent of the fund's average monthly fair market value will be deposited into an income fund that is subject to appropriation. In addition, each year any amount in the Idaho Millennium Fund in excess of a maximum amount, as provided by law, will be transferred to the permanent endowment fund.