58-156. LEGISLATIVE FINDINGS AND PURPOSES. The legislature of the state of Idaho finds:

(1) That the following described tracts of public school endowment land, containing nineteen and twenty-seven one-hundredths (19.27) acres of endowment land, more or less, managed by the state board of land commissioners, are located adjacent to the Idaho State University/University of Idaho Center for Higher Education in Idaho Falls, Idaho, in Township 2 North, Range 37 East, B.M., Bonneville County:

(a) Lot 9, Pt. NW1/4NE1/4, Pt. NE1/4NW1/4, containing six and four-tenths (6.4) acres;

(b) Lot 10, Pt. SW1/4NE1/4, Pt. SE1/4NW1/4, containing twelve and eighty-seven one-hundredths (12.87) acres.

(2) That Idaho State University and the University of Idaho, their respective foundations, and the state board of education own and manage the Center for Higher Education in Idaho Falls, Idaho, and the state board of education has expressed its desire to obtain and manage the described parcels of endowment land as part of the Center for Higher Education in Idaho Falls, Idaho;

(3) That the endowment lands are held in trust by the state board of land commissioners and are managed to generate the maximum long-term financial returns to the public school endowment;

(4) That any transaction in which the state board of education acquires title to these endowment lands, the state board of land commissioners shall receive title to real property of equivalent market value through land exchange;

(5) That the legislature approves of a course of action by which the state board of education on behalf of Idaho State University and the University of Idaho acquires the described endowment lands now owned by the state board of land commissioners, through land exchange at not less than fair market value, as determined by qualified appraisals;

(6) That the state board of education and the state board of land commissioners have agreed to enter into a contract by which the state board of education may acquire the described endowment lands, through land exchange at not less than fair market value, as determined by qualified appraisals;

(7) That any acquisition by the state board of education of title to the described endowment lands shall be subject to any outstanding rights and reservations of record, and the state board of education shall pay all costs of the transactions including, but not limited to, surveys and appraisals.

(8) It is the intent of the legislature to provide funds for this exchange to the state board of education within the state board of education’s general fund appropriation for fiscal year 2002, to facilitate the state board of education, on behalf of Idaho State University and the University of Idaho, to purchase real property of equivalent market value and to enter into a land exchange with the state board of land commissioners to acquire the nineteen and twenty-seven one-hundredths (19.27) acres, more or less, of endowment lands.

History:

[58-156, added 2001, ch. 351, sec. 1, p. 1233.]