Full Text of HB1100 100th General Assembly
HB1100 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB1100 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED: | | |
Amends the State Finance Act. Makes a technical change in a Section concerning
the Tobacco Settlement Recovery Fund.
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| | A BILL FOR |
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| 1 | | AN ACT concerning 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 the State Treasury a special | 9 | | fund to be known
as the Tobacco Settlement Recovery Fund, which | 10 | | shall contain 3 accounts: (i) the General Account, (ii) the | 11 | | Tobacco Settlement Bond Proceeds Account and (iii) the Tobacco | 12 | | Settlement Residual Account. There shall be deposited into the | 13 | | several accounts of the Tobacco Settlement Recovery Fund
and | 14 | | the Attorney General Tobacco Fund all monies paid to the State | 15 | | pursuant to (1) the Master Settlement Agreement
entered in the | 16 | | case of People of the State of Illinois v. Philip Morris, et | 17 | | al.
(Circuit Court of Cook County, No. 96-L13146) and (2) any | 18 | | settlement with or
judgment against any tobacco product | 19 | | manufacturer other than one participating
in the Master | 20 | | Settlement Agreement in satisfaction of any released claim as
| 21 | | defined in the Master Settlement Agreement, as well as any | 22 | | other monies as
provided by law. Moneys shall be deposited into
| 23 | | the Tobacco Settlement Bond Proceeds Account and the Tobacco |
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| 1 | | Settlement Residual Account as provided by the terms of the | 2 | | Railsplitter Tobacco Settlement Authority Act, provided that | 3 | | an annual amount not less than $2,500,000, subject to | 4 | | appropriation, shall be deposited into the Attorney General | 5 | | Tobacco Fund for use only by the Attorney General's office. The | 6 | | scheduled $2,500,000 deposit into the Tobacco Settlement | 7 | | Residual Account for fiscal year 2011 should be transferred to | 8 | | the Attorney General Tobacco Fund in fiscal year 2012 as soon | 9 | | as this fund has been established. All other moneys available | 10 | | to be deposited into the Tobacco Settlement Recovery Fund shall | 11 | | be deposited into the General Account. An investment made from | 12 | | moneys credited to a specific account constitutes part of that | 13 | | account and such account shall be credited with all income from | 14 | | the investment of such moneys. The Treasurer
may invest the | 15 | | moneys in the several accounts the Fund in the same manner, in | 16 | | the same types of
investments, and subject to the same | 17 | | limitations provided in the Illinois
Pension Code for the | 18 | | investment of pension funds other than those established
under | 19 | | Article 3 or 4 of the Code. Notwithstanding the foregoing, to | 20 | | the extent necessary to preserve the tax-exempt status of any | 21 | | bonds issued pursuant to the Railsplitter Tobacco Settlement | 22 | | Authority Act, the interest on which is intended to be | 23 | | excludable from the gross income of the owners for federal | 24 | | income tax purposes, moneys on deposit in the Tobacco | 25 | | Settlement Bond Proceeds Account and the Tobacco Settlement | 26 | | Residual Account may be invested in obligations the interest |
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| 1 | | upon which is tax-exempt under the provisions of Section 103 of | 2 | | the Internal Revenue Code of 1986, as now or hereafter amended, | 3 | | or any successor code or provision.
| 4 | | (b) Moneys on deposit in the Tobacco Settlement Bond | 5 | | Proceeds Account and the Tobacco Settlement Residual Account | 6 | | may be expended, subject to appropriation, for the purposes | 7 | | authorized in subsection (g) of Section 3-6 of the Railsplitter | 8 | | Tobacco Settlement Authority Act. | 9 | | (c) As soon as may be practical after June 30, 2001, upon | 10 | | notification
from and at the direction of the Governor, the | 11 | | State Comptroller shall direct
and the State Treasurer shall | 12 | | transfer the unencumbered balance in the Tobacco
Settlement | 13 | | Recovery Fund as of June 30, 2001, as determined by the | 14 | | Governor,
into the Budget Stabilization Fund. The Treasurer may | 15 | | invest the moneys in the
Budget Stabilization Fund in the same | 16 | | manner, in the same types of investments,
and subject to the | 17 | | same limitations provided in the Illinois Pension Code for
the | 18 | | investment of pension funds other than those established under | 19 | | Article 3 or
4 of the Code.
| 20 | | (d) All federal financial participation moneys received
| 21 | | pursuant to expenditures from the Fund shall be deposited into | 22 | | the General Account.
| 23 | | (Source: P.A. 99-78, eff. 7-20-15.)
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