A Message from State Treasurer Ron G. Crane
July 18, 2001

The State of Idaho has just leaped over 44 other states. BidIdaho will be a program that will be replicated, in one way or another, by every state in the Union over the next several years.

Our office has brought Idaho to the cutting edge of the financial world with BidIdaho. We have struck an audacious new course that will bring together premier results for the people of Idaho. By embracing new technologies in an innovative way, we are offering a glimpse into the future of public finance.

As Idaho's State Treasurer, BidIdaho's creative approach to State CD funds meets my criteria for new programs:

1. First, BidIdaho is designed to enhance, simplify, and maximize the investment of our state's tax dollars. Instead of picking a rate based on market averages, we are starting the bid at the current 6-month Treasury Bill rate. The returns can only go up from there.
2. BidIdaho also makes the CD distribution process much more efficient and accurate. By utilizing Internet technology, we are cutting out the paperwork. Now there will only be one step in making the process of funds switching hands operate - the bid online.
3. Finally, large and small Idaho financial institutions have an equal opportunity to acquire state funds. Each institution can semiannually evaluate the needs of its community and its borrowing public, and can place bids accordingly with BidIdaho. We are making it easier than ever before for these banks to get what they need to help their customers.

I would like to thank Aaron Lewis, Diane O'Toole, and all the people at Grant Street Group for all of their help in making this program a success. Grant Street's hard work, in conjunction with my staff, made this first bid session go forward smoothly, and profitably.

We have inaugurated a new day in public finance. Thank you for joining us.