093_SB1746

 
                                     LRB093 10901 SJM 11419 b

 1        AN ACT in relation to tobacco.

 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 monies paid to the State
11    pursuant to (1) the Master Settlement  Agreement  entered  in
12    the case of People of the State of Illinois v. Philip Morris,
13    et  al. (Circuit Court of Cook County, No. 96-L13146) and (2)
14    any settlement with or judgment against any  tobacco  product
15    manufacturer  other  than  one  participating  in  the Master
16    Settlement Agreement in satisfaction of any released claim as
17    defined in the Master Settlement Agreement, as  well  as  any
18    other moneys 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 10901 SJM 11419 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.)