WORKER’S
COMPENSATION AND RELATED LAWS -- INDUSTRIAL COMMISSION
CHAPTER 9
STATE INSURANCE FUND
72-912.Investment of surplus or reserve. The endowment fund investment board shall
at the direction of the manager invest any of the surplus or reserve
funds belonging to the state insurance fund in real estate and the
same securities and investments authorized for investments by insurance
companies in Idaho as shall be approved by the manager. The endowment
fund investment board shall be the custodian of all such securities
or evidences of indebtedness, provided that the endowment fund investment
board may employ a custodial bank to hold such securities. The state
insurance fund is authorized to pay the actual expenses of the endowment
fund investment board which the board incurs in investing surplus
or reserve funds and which are approved by the manager of the state
insurance fund. It shall collect the principal and interest thereof,
when due, and pay the same into the state insurance fund. The state
treasurer shall pay all warrants or vouchers drawn on the state insurance
manager and by the state controller. The endowment fund investment
board at the request of the manager may sell any of such securities,
the proceeds thereof to be paid over to the state treasurer for said
insurance fund. Where such funds of the state insurance fund have
been or are hereafter invested, with real property as security, and
the said real property has been or is hereafter acquired by the state
of Idaho by reason of foreclosure proceedings, voluntary deed, or
otherwise, such property shall be held in trust by the state of Idaho
for the benefit of the state insurance fund and may be sold by the
endowment fund investment board at the request of the manager of said
fund, and said sale may be had at private sale or public auction,
upon such terms and under such conditions as the endowment fund investment
board deems for the best interest of the state, but no sale of real
estate at private sale may be had for a less price than the amount,
with accrued interest, costs and expenses, which has been invested
by the state insurance fund in said real estate. Where such sale is
to be made at public auction, it must take place in the county where
the real estate is situated, and notice of time and place of sale
must be posted in three (3) of the most public places in such county,
and published in a newspaper, if there be one (1) printed in the said
county, for at least once a week for not less than two (2) consecutive
weeks, within thirty (30) days prior to the sale. Where such sale
is to be made at private sale, it must take place in the county where
the real estate is situated, and notice of time and place of sale
must be posted in three (3) of the most public places in such county,
and published in a newspaper, if there be one (1) printed in said
county, for at least once a week for not less than two (2) consecutive
weeks, within thirty (30) days prior to the sale. The notice must
state a day on or after which the sale will be made, and a place where
offers or bids will be received. The day last referred to must be
at least fifteen (15) days from the first publication of notice, and
the sale must not be made before that day, but must be made within
six (6) months thereafter. The bids or offers must be in writing,
sealed, and delivered to the investment manager of the endowment fund
investment board. The real estate and tenements, or the part thereof
or interest therein to be sold, must be described with common certainty
in the notice. The deed or deeds to such real estate shall be executed
in the name of the state of Idaho as required by section 16, chapter
4 of the constitution of the state of Idaho, and the proceeds from
any such sale be paid over to the state treasurer for said insurance
funds.
Idaho Statutes