Senate Sponsors: WALSH,T. Short description: TOBACCO SETTLEMENT BOND ACT Synopsis of Bill as introduced: Creates the Tobacco Settlement Bond Act. Provides that the Bureau of the Budget may issue no more than $1,500,000,000 in revenue bonds payable solely from and secured solely by the proceeds of the Master Settlement Agreement related to the tobacco litigation. Provides that, beginning on the effective date of this Act, all moneys in the Tobacco Settlement Recovery Fund and all moneys thereafter paid into the Tobacco Settlement Recovery Fund shall be transferred to the Tobacco Settlement Bond Fund, a new Fund created in this Act, until the Bureau of the Budget certifies to the State Treasurer and the Comptroller that the amount that will be necessary to finance the principal of, interest on, and premium, if any, on the bonds issued under the Act has been paid into the new Fund. Provides that all proceeds from the sale of the bonds under the Act shall be deposited into the School Infrastructure Fund to be used only for grants to school districts for school construction projects and school maintenance projects as provided in the School Construction Law. Amends the State Finance Act to require the State Treasurer to administer the Tobacco Settlement Recovery Fund consistently with the Tobacco Settlement Bond Act. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status