093_HB0276eng HB0276 Engrossed LRB093 04546 SJM 04599 b 1 AN ACT in relation to tobacco product manufacturers. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The State Finance Act is amended by changing 5 Section 6z-43 as follows: 6 (30 ILCS 105/6z-43) 7 Sec. 6z-43. Tobacco Settlement Recovery Fund. 8 (a) There is created in the State treasuryTreasurya 9 special fund to be known as the Tobacco Settlement Recovery 10 Fund, into which shall be deposited all monies paid to the 11 State pursuant to (1) the Master Settlement Agreement entered 12 in the case of People of the State of Illinois v. Philip 13 Morris, et al. (Circuit Court of Cook County, No. 96-L13146) 14 and (2) any settlement with or judgment against any tobacco 15 product manufacturer other than one participating in the 16 Master Settlement Agreement in satisfaction of any released 17 claim as defined in the Master Settlement Agreement, as well 18 as any other monies as provided by law. All earnings on Fund 19 investments shall be deposited into the Fund. Upon the 20 creation of the Fund, the State Comptroller shall order the 21 State Treasurer to transfer into the Fund any monies paid to 22 the State as described in item (1) or (2) of this Section 23 before the creation of the Fund plus any interest earned on 24 the investment of those monies. The Treasurer may invest the 25 moneys in the Fund in the same manner, in the same types of 26 investments, and subject to the same limitations provided in 27 the Illinois Pension Code for the investment of pension funds 28 other than those established under Article 3 or 4 of the 29 Code. 30 (b) As soon as may be practical after June 30, 2001, 31 upon notification from and at the direction of the Governor, HB0276 Engrossed -2- LRB093 04546 SJM 04599 b 1 the State Comptroller shall direct and the State Treasurer 2 shall transfer the unencumbered balance in the Tobacco 3 Settlement Recovery Fund as of June 30, 2001, as determined 4 by the Governor, into the Budget Stabilization Fund. The 5 Treasurer may invest the moneys in the Budget Stabilization 6 Fund in the same manner, in the same types of investments, 7 and subject to the same limitations provided in the Illinois 8 Pension Code for the investment of pension funds other than 9 those established under Article 3 or 4 of the Code. 10 (c) In addition to any other deposits authorized by law, 11 after any delivery of any bonds as authorized by Section 7.5 12 of the General Obligation Bond Act for deposits to the 13 General Revenue Fund and the Budget Stabilization Fund 14 (referred to as "tobacco securitization general obligation 15 bonds"), the Governor shall certify, on or before June 30, 16 2003 and June 30 of each year thereafter, to the State 17 Comptroller and State Treasurer the total amount of principal 18 of, interest on, and premium, if any, due on those bonds in 19 the next fiscal year beginning with amounts due in fiscal 20 year 2004. As soon as practical after the annual payment of 21 tobacco settlement moneys to the Tobacco Settlement Recovery 22 Fund as described in item (1) of subsection (a), the State 23 Treasurer and State Comptroller shall transfer from the 24 Tobacco Settlement Recovery Fund to the General Obligation 25 Bond Retirement and Interest Fund the amount certified by the 26 Governor, plus any cumulative deficiency in those transfers 27 for prior years. 28 (d)(c)All federal financial participation moneys 29 received pursuant to expenditures from the Fund shall be 30 deposited into the Fund. 31 (Source: P.A. 91-646, eff. 11-19-99; 91-704, eff. 7-1-00; 32 91-797, eff. 6-9-00; 92-11, eff. 6-11-01; 92-16, eff. 33 6-28-01; 92-596, eff. 6-28-02; 92-597, eff. 6-28-02; revised 34 9-3-02.) HB0276 Engrossed -3- LRB093 04546 SJM 04599 b 1 Section 99. Effective date. This Act takes effect upon 2 becoming law.