The bill amends Section 58-133 of the Idaho Code to extend the duration for which proceeds from the sale of 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 intended for the benefit of endowment beneficiaries. If the proceeds are not encumbered by the end of the tenth year, they will be deposited into the permanent endowment fund of the respective endowment, along with any earnings, unless the legislature decides to extend the holding period further.

Additionally, the bill declares an emergency, stating that it will take effect on July 1, 2025. This urgency suggests that the legislature aims to implement the changes promptly to better manage land sales and acquisitions for the state.

Statutes affected:
Bill Text: 58-133