093_SB1477

 
                                     LRB093 10886 RCE 11398 b

 1        AN ACT concerning State 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
 9    fund to be known as the  Tobacco  Settlement  Recovery  Fund,
10    into  which  shall be deposited all moneys 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,
 
                            -2-      LRB093 10886 RCE 11398 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.)
 
                            -3-      LRB093 10886 RCE 11398 b
 1        Section  10.  The  General Obligation Bond Act is amended
 2    by changing Section 7.5 as follows:

 3        (30 ILCS 330/7.5)
 4        Sec.  7.5.  Tobacco  securitization  general   obligation
 5    bonds.  The amount of $750,000,000 is authorized to be issued
 6    only during fiscal years year 2003 and 2004 for the making of
 7    deposits of 50% of net proceeds to the General  Revenue  Fund
 8    to  build  the  fiscal year ending general funds cash balance
 9    and to meet the ordinary and contingent expenses of the State
10    and 50% of net proceeds to the Budget Stabilization Fund.
11    (Source: P.A. 92-596, eff. 6-28-02.)

12        Section 99.  Effective date.  This Act takes effect  upon
13    becoming law.