The bill amends Section 58-133 of the Idaho Code to extend the duration that proceeds from the sale of state endowment land can be held in the land bank fund. Specifically, it changes the maximum holding period from five years to ten years. This extension allows the state board of land commissioners more time to encumber the proceeds for the purchase of other land for the benefit of the endowment beneficiaries. If the proceeds are not encumbered by the end of the tenth year, they will be deposited into the permanent endowment fund along with any earnings, unless the legislature decides to extend the holding period further.

Additionally, the bill declares an emergency, making it effective on July 1, 2025. This urgency suggests that the legislature aims to implement these changes promptly to enhance the management of land bank funds and ensure better utilization of proceeds from land sales.

Statutes affected:
Bill Text: 58-133