This bill amends Section 57-723A of the Idaho Code to update the provisions regarding the deposit and distribution of earnings reserve funds related to state land grants. The amendment specifies that the earnings from these investments will be distributed by the state board of land commissioners in accordance with existing laws governing endowment funds. Additionally, it establishes that the earnings intended to support beneficiaries of the public school endowment will be distributed on a per-pupil basis by the state department of education, using the average daily attendance calculation. This distribution will apply to students in kindergarten through grade 12 who receive the majority of their instruction at facilities owned or leased by the school district or public charter school.

The bill also clarifies that moneys in the earnings reserve funds will be available for legislative appropriation to cover administrative costs associated with managing the endowment assets. The amendment includes a deletion of the previous subsection (3) and renumbers the subsequent sections accordingly. An emergency clause is included, declaring that the act will take effect on July 1, 2026.

Statutes affected:
Bill Text: 57-723A