Full Text of HB1242 102nd General Assembly
HB1242 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 HB1242 Introduced 2/17/2021, by Rep. Emanuel Chris Welch 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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| | | HB1242 | | LRB102 03257 RJF 13270 b |
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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, | 10 | | which shall contain 3 accounts: (i) the General Account, (ii) | 11 | | the Tobacco Settlement Bond Proceeds Account and (iii) the | 12 | | Tobacco Settlement Residual Account. There shall be deposited | 13 | | into the several accounts of the Tobacco Settlement Recovery | 14 | | Fund
and the Attorney General Tobacco Fund all monies paid to | 15 | | the State pursuant to (1) the Master Settlement Agreement
| 16 | | entered in the case of People of the State of Illinois v. | 17 | | Philip Morris, et al.
(Circuit Court of Cook County, No. | 18 | | 96-L13146) and (2) any settlement with or
judgment against any | 19 | | tobacco product manufacturer other than one participating
in | 20 | | the Master Settlement Agreement in satisfaction of any | 21 | | released claim as
defined in the Master Settlement Agreement, | 22 | | as well as any other monies as
provided by law. Moneys shall be | 23 | | deposited into
the Tobacco Settlement Bond Proceeds Account |
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| 1 | | and the Tobacco Settlement Residual Account as provided by the | 2 | | terms of the Railsplitter Tobacco Settlement Authority Act, | 3 | | provided that an annual amount not less than $2,500,000, | 4 | | subject to appropriation, shall be deposited into the Attorney | 5 | | General Tobacco Fund for use only by the Attorney General's | 6 | | office. The scheduled $2,500,000 deposit into the Tobacco | 7 | | Settlement Residual Account for fiscal year 2011 should be | 8 | | transferred to the Attorney General Tobacco Fund in fiscal | 9 | | year 2012 as soon as this fund has been established. All other | 10 | | moneys available to be deposited into the Tobacco Settlement | 11 | | Recovery Fund shall be deposited into the General Account. An | 12 | | investment made from moneys credited to a specific account | 13 | | constitutes part of that account and such account shall be | 14 | | credited with all income from the investment of such moneys. | 15 | | The Treasurer
may invest the moneys in the several accounts | 16 | | the Fund in the same manner, in the same types of
investments, | 17 | | and subject to the same limitations provided in the Illinois
| 18 | | Pension Code for the investment of pension funds other than | 19 | | those established
under Article 3 or 4 of the Code. | 20 | | Notwithstanding the foregoing, to the extent necessary to | 21 | | preserve the tax-exempt status of any bonds issued pursuant to | 22 | | the Railsplitter Tobacco Settlement Authority Act, the | 23 | | interest on which is intended to be excludable from the gross | 24 | | income of the owners for federal income tax purposes, moneys | 25 | | on deposit in the Tobacco Settlement Bond Proceeds Account and | 26 | | the Tobacco Settlement Residual Account may be invested in |
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| 1 | | obligations the interest upon which is tax-exempt under the | 2 | | provisions of Section 103 of the Internal Revenue Code of | 3 | | 1986, as now or hereafter amended, or any successor code or | 4 | | provision. | 5 | | (b) Moneys on deposit in the Tobacco Settlement Bond | 6 | | Proceeds Account and the Tobacco Settlement Residual Account | 7 | | may be expended, subject to appropriation, for the purposes | 8 | | authorized in subsection (g) of Section 3-6 of the | 9 | | Railsplitter Tobacco Settlement Authority Act. | 10 | | (c) As soon as may be practical after June 30, 2001, upon | 11 | | notification
from and at the direction of the Governor, the | 12 | | State Comptroller shall direct
and the State Treasurer shall | 13 | | transfer the unencumbered balance in the Tobacco
Settlement | 14 | | Recovery Fund as of June 30, 2001, as determined by the | 15 | | Governor,
into the Budget Stabilization Fund. The Treasurer | 16 | | may invest the moneys in the
Budget Stabilization Fund in the | 17 | | same manner, in the same types of investments,
and subject to | 18 | | the same limitations provided in the Illinois Pension Code for
| 19 | | the investment of pension funds other than those established | 20 | | under Article 3 or
4 of the Code.
| 21 | | (d) All federal financial participation moneys received
| 22 | | pursuant to expenditures from the Fund shall be deposited into | 23 | | the General Account.
| 24 | | (Source: P.A. 99-78, eff. 7-20-15.)
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