|
|
|
|
SB2217 Engrossed |
|
LRB093 15846 RCE 41463 b |
|
|
| 1 |
| AN ACT in relation to finance.
|
| 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 Treasury a special fund |
| 9 |
| to be known
as the Tobacco Settlement Recovery Fund, into which |
| 10 |
| shall be deposited
all monies paid to the State pursuant to (1) |
| 11 |
| the Master Settlement Agreement
entered in the case of People |
| 12 |
| of the State of Illinois v. Philip Morris, et al.
(Circuit |
| 13 |
| Court of Cook County, No. 96-L13146) and (2) any settlement |
| 14 |
| with or
judgment against any tobacco product manufacturer other |
| 15 |
| than one participating
in the Master Settlement Agreement in |
| 16 |
| satisfaction of any released claim as
defined in the Master |
| 17 |
| Settlement Agreement, as well as any other monies as
provided |
| 18 |
| by law. All earnings on Fund investments shall be deposited |
| 19 |
| into
the Fund. Upon the creation of the Fund, the State |
| 20 |
| Comptroller shall order
the State Treasurer to transfer into |
| 21 |
| the Fund any monies paid to the State as
described in item (1) |
| 22 |
| or (2) of this Section before the creation of the Fund
plus any |
| 23 |
| interest earned on the investment of those monies. The State
|
| 24 |
| Treasurer
may invest the moneys in the Fund in the same manner, |
| 25 |
| in the same types of
investments, and subject to the same |
| 26 |
| limitations provided in the Illinois
Pension Code for the |
| 27 |
| investment of pension funds other than those established
under |
| 28 |
| Article 3 or 4 of the Code.
|
| 29 |
| (b) As soon as may be practical after June 30, 2001, upon |
| 30 |
| notification
from and at the direction of the Governor, the |
| 31 |
| State Comptroller shall direct
and the State Treasurer shall |
| 32 |
| transfer the unencumbered balance in the Tobacco
Settlement |
|
|
|
SB2217 Engrossed |
- 2 - |
LRB093 15846 RCE 41463 b |
|
|
| 1 |
| Recovery Fund as of June 30, 2001, as determined by the |
| 2 |
| Governor,
into the Budget Stabilization Fund. The Treasurer may |
| 3 |
| invest the moneys in the
Budget Stabilization Fund in the same |
| 4 |
| manner, in the same types of investments,
and subject to the |
| 5 |
| same limitations provided in the Illinois Pension Code for
the |
| 6 |
| investment of pension funds other than those established under |
| 7 |
| Article 3 or
4 of the Code.
|
| 8 |
| (c) In addition to any other deposits authorized by law, |
| 9 |
| after any delivery
of any bonds as authorized by Section 7.5 of |
| 10 |
| the General Obligation Bond Act
for deposits to the General |
| 11 |
| Revenue Fund and the Budget Stabilization Fund
(referred to as |
| 12 |
| "tobacco securitization general obligation bonds"), the
|
| 13 |
| Governor shall certify, on or before June 30, 2003 and June 30 |
| 14 |
| of each year
thereafter, to the State Comptroller and State |
| 15 |
| Treasurer the total amount of
principal of, interest on, and |
| 16 |
| premium, if any, due on those bonds in the
next fiscal year |
| 17 |
| beginning with amounts due in fiscal year 2004. As soon as
|
| 18 |
| practical after the annual payment of tobacco settlement moneys |
| 19 |
| to the Tobacco
Settlement Recovery Fund as described in item |
| 20 |
| (1) of subsection (a), the State
Treasurer and State |
| 21 |
| Comptroller shall transfer from the Tobacco Settlement
|
| 22 |
| Recovery Fund to the General Obligation Bond Retirement and |
| 23 |
| Interest Fund the
amount certified by the Governor, plus any |
| 24 |
| cumulative deficiency in those
transfers for prior years.
|
| 25 |
| (d)
(c) All federal financial participation moneys |
| 26 |
| received
pursuant to expenditures from the Fund shall be |
| 27 |
| deposited into the Fund.
|
| 28 |
| (Source: P.A. 91-646, eff. 11-19-99; 91-704, eff. 7-1-00; |
| 29 |
| 91-797, eff.
6-9-00; 92-11, eff. 6-11-01; 92-16, eff. 6-28-01; |
| 30 |
| 92-596, eff. 6-28-02;
92-597, eff. 6-28-02; revised 9-3-02.)
|