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92_SB2079 LRB9213835DJmgA 1 AN ACT in relation to tobacco product manufacturers. 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 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- LRB9213835DJmgA 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 any civil litigation under any legal theory in 11 which a judgment is entered against a signatory or a 12 successor to a signatory of the Master Settlement Agreement, 13 as defined in Section 10 of the Tobacco Product 14 Manufacturers' Escrow Act, the appeal bond that the signatory 15 or successor may be required to post to stay execution on the 16 judgment during the time that an appeal or discretionary 17 review of the judgment is pending shall be set in accordance 18 with the law and the rules of the court, except that in no 19 case may the amount of the appeal bond exceed $25,000,000, 20 regardless of the total amount of the judgment. 21 (d) If it is proved by a preponderance of the evidence 22 that an appellant for whom an appeal bond has been limited 23 under subsection (c) is intentionally dissipating or 24 diverting assets outside the ordinary course of its business 25 for the purpose of avoiding payment of the judgment, the 26 court shall enter any orders that are necessary to prevent 27 the dissipation or diversion of assets. 28 (e) The changes made by this amendatory Act of the 92nd 29 General Assembly apply to any action pending on or after the 30 effective date of this amendatory Act of the 92nd General 31 Assembly. 32 (Source: P.A. 91-646, eff. 11-19-99; 91-704, eff. 7-1-00; 33 91-797, eff. 6-9-00; 92-11, eff. 6-11-01; 92-16, eff. 34 6-28-01.) -3- LRB9213835DJmgA 1 Section 99. Effective date. This Act takes effect upon 2 becoming law.