The Idaho House today rejected a bid from Rep. Randy Armstrong, R-Inkom, to have the state Endowment Fund Investment Board, which is responsible for investing the state endowment fund, also invest $1 million that a small eastern Idaho city received as a bequest. Armstrong told the House that when he inquired if the state board could take on that task, he was told it wasn’t covered under current law, so he proposed the bill, HB 460. It would let the state Land Board decline to invest such funds, but would authorize the EFIB, with the Land Board’s permission, to invest funds from a broad array of local governments, special districts, charter schools and more.

Rep. Neil Anderson, R-Blackfoot, who serves on the endowment board, said the board voted not to take a position on the bill, but its responsibility is investing the state endowment fund – not funds of the various municipalities around the state. He said he would oppose the bill.

Rep. Caroline Nilsson Troy, who serves on the board of the Idaho Community Foundation, also spoke against the bill, saying such funds are exactly the kinds of investments handled by ICF and other private community foundations. Armstrong said he thought EFIB was the only option for the small city that would provide anything other than fixed-income investments; Troy said the ICF has excellent investment earnings and is not limited to those.

In his closing debate, Armstrong said to laughter that he had planned to wish Anderson a happy birthday, but wouldn’t do so now that he’d said everything he’d said about the bill.

The bill was defeated on a 21-47 vote.

---

---