C.L. "Butch"
Otter
Governor
Lawerence
Denney
Secretary of
State
Lawrence
Wasden
Attorney
General
Brandon D
D Woolf
State
Controller,
Secretary
SCO > Board of Examiners > Board of Examiners Minutes
STATE BOARD OF EXAMINERS
MINUTES – Regular Meeting
March 17, 2015 – 8:55 a.m.
Borah Building, 2nd floor courtroom
304 N. 8th Street, Room 214, Boise, Idaho

The regular meeting of the State Board of Examiners was called to order pursuant to Idaho Code §67-2002 and by the order of the chair.

The following board members were present: Governor C.L. “Butch” Otter, Attorney General Lawrence Wasden, and Secretary of State Lawerence Denney. State Controller Brandon Woolf recorded the proceedings of the meeting.

Mr. Woolf introduced the consent agenda items.

Mr. Wasden moved to approve the consent agenda. Mr. Denney seconded the motion. The motion passed on a unanimous voice vote.

CONSENT AGENDA

1. Minutes - Approved
Approval of official minutes for the meeting of the Board of Examiners on February 17, 2015.

    2. Department of Administration – Approved
    a. Request for recognition of assignment according to Idaho Code §67-1027 from Full Circle Investments, LLC to Infinite Investments, LLC. (Military Division, Idaho Army National Guard is Lessee.)

    b. Request for recognition of assignment according to Idaho Code §67-1027 from Northwest Ventures, LLC to Buttars Family, LP. (Idaho State Liquor Division is Lessee.)

    c. Request for recognition of assignment according to Idaho Code §67-1027 from Hubert Stein dba Edson’s LLC to Dale Watson. (Idaho State Liquor Division is Lessee.)


    3. Ada County Clerk – Approved
    Request pursuant to Idaho Code §18-2507, for the prosecution of State Penitentiary inmates in the amount of $22,475.71.



    REGULAR AGENDA

    4. Office of the State Treasurer – Approved
    Request pursuant to Idaho Code §63-3201 to issue tax anticipation notes that will not exceed 75% of the anticipated income or revenue from taxes during FY2016.

    Discussion: Treasurer Crane explained that by November 15th there is a general fund deficit due to expending around 80% of our budget, but only having received 40% of revenues. The tax anticipation notes are issued to cover the deficit, and then we pledge the fourth quarter revenues to repay the notes. He noted that we anticipate borrowing in the neighborhood of $500 million, which has been the size of the note issued for several years. There are restrictions on what can be borrowed. The state can borrow no more than 90% of its deficit on November 15, per the IRS.

    Resolution: Mr. Wasden moved to approve item 4. Mr. Denney seconded the motion. The motion carried on a unanimous voice vote.



    INFORMATIONAL AGENDA


    5. Office of the Attorney General
    a. Notification that Eric J. Belfi and Rachel Avan of the firm of Labaton Sucharow, LLP, in New York, have been appointed pursuant to Idaho Code §67-1409 as a Special Deputy Attorneys General for the purpose of representing the State of Idaho, Public Employee Retirement System of Idaho (PERSI), in litigation brought by PERSI against Petroleo Brasileiro SA (Petrobras).

    b. Notification that Robert F. Smith of the firm of Smith, Freed & Eberhard, PC in Portland, Oregon, has been appointed pursuant to Idaho Code §67-1409 as a Special Deputy Attorney General for the purpose of representing the State of Idaho in the case of Clark v. Idaho State Industrial Commission, et al.

    c. Notification that Paul J. Augustine of the firm of Augustine Law Offices, PLLC, has been appointed pursuant to Idaho Code §67-1409 as a Special Deputy Attorney General for the purpose of representing the State of Idaho, Industrial Special Indemnity Fund, in the matter of Tracy Wright.

    d. Notification that Erin E. Tomlin, Prosecuting Attorney for the City of Moscow, has been appointed pursuant to Idaho Code §67-1409 as a Special Deputy Attorney General for the purpose of representing the State of Idaho in the matter of Loe Thang Sr. and Tonya Ngo Real Property Forfeiture.

    e. Notification that Tevis W. Hull, Deputy Prosecutor with the Boundary County Prosecuting Attorney’s Office, has been appointed pursuant to Idaho Code §67-1409 as a Special Deputy Attorney General for the purpose of representing the State of Idaho in the matter of Luis Lorca-Merono III Real Property Forfeiture.

    6. State Insurance Fund
    a. Estimate of the State Insurance Fund expenses to be paid by sight drafts for the month of
      January, 2015.
          Estimated expenditure for workers compensation claim costs, dividends and premium refunds
      $14,000,000.00
        Funds Expended in January, 2015:
        Workers Compensation Claim Costs
      $11,150,259.44
        Dividends
      0
        Commission
      3,515,368.88
        Policy Refunds
      182,288.50
        Total
      $14,847,916.82
    b. Estimate of the Petroleum Clean Water Trust Fund expenses to be paid by sight drafts for the month of January, 2015.
        Estimated expenditure for Petroleum Clean Water Trust Fund
    $450,000.00
      Funds Expended in January, 2015:
      Payroll
    $66,356.87
      Operations
    189,870.25
      Claim Costs
    33,156.85
      Total
    $289,383.97


    Mr. Wasden moved to adjourn the meeting. Mr. Denney seconded the motion.

    There being no further business before the board and on motion duly made and seconded, THE MEETING OF THE STATE BOARD OF EXAMINERS WAS ADJOURNED at 9:03 a.m.

    __________/s/ C.L. “Butch” Otter________
    C.L. “Butch” Otter, Chairman of the Board and
    Governor of the State of Idaho
    __________/s/ Brandon Woolf ____________
    Brandon Woolf, Secretary of the Board and
    Idaho State Controller
    Page last updated on 05/18/2015 03:04:46 PM