State of Illinois
91st General Assembly
Legislation

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91_SB1851

 
                                               LRB9112668DJcs

 1        AN ACT to amend the State Finance Act by changing Section
 2    6z-43.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5    Section 5. The State  Finance  Act  is  amended  by  changing
 6    Section 6z-43 as follows:

 7        (30 ILCS 105/6z-43)
 8        Sec.  6z-43.  Tobacco Settlement Recovery Fund.  There is
 9    created in the State Treasury a special fund to be  known  as
10    the  Tobacco  Settlement  Recovery  Fund  into which shall be
11    deposited all monies paid to the State pursuant  to  (1)  the
12    Master  Settlement Agreement entered in the case of People of
13    the State of Illinois v. Philip Morris, et al. (Circuit Court
14    of Cook County, No. 96-L13146) and (2) any settlement with or
15    judgment against any tobacco product manufacturer other  than
16    one  participating  in  the  Master  Settlement  Agreement in
17    satisfaction of any released claim as defined in  the  Master
18    Settlement Agreement, as well as any other monies as provided
19    by  law.  All earnings on Fund investments shall be deposited
20    into the Fund.  Upon the creation  of  the  Fund,  the  State
21    Comptroller  shall order the State Treasurer to transfer into
22    the Fund any monies paid to the State as  described  in  item
23    (1)  or  (2)  of this Section before the creation of the Fund
24    plus any interest earned on the investment of  those  monies.
25    The  Treasurer  may invest the moneys in the Fund in the same
26    manner, in the same types of investments, and subject to  the
27    same  limitations  provided  in the Illinois Pension Code for
28    the investment of pension funds other than those  established
29    under Article 3 or 4 of the Code.
30    (Source: P.A. 91-646, eff. 11-19-99.)
 
                            -2-                LRB9112668DJcs
 1        Section  99.  Effective date.  This Act takes effect upon
 2    becoming law.

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