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| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 001 ] |
91_HB1628enr HB1628 Enrolled LRB9103175SMdv 1 AN ACT to provide for the deposit of funds received from 2 settlement of litigation against tobacco companies. 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 adding 6 Sections 5.540 and 6z-43 as follows: 7 (30 ILCS 105/5.540 new) 8 Sec. 5.540. The Tobacco Settlement Recovery Fund. 9 (30 ILCS 105/6z-43 new) 10 Sec. 6z-43. Tobacco Settlement Recovery Fund. There is 11 created in the State Treasury a special fund to be known as 12 the Tobacco Settlement Recovery Fund into which shall be 13 deposited all monies paid to the State pursuant to (1) the 14 Master Settlement Agreement entered in the case of People of 15 the State of Illinois v. Philip Morris, et al. (Circuit Court 16 of Cook County, No. 96-L13146) and (2) any settlement with or 17 judgment against any tobacco product manufacturer other than 18 one participating in the Master Settlement Agreement in 19 satisfaction of any released claim as defined in the Master 20 Settlement Agreement, as well as any other monies as provided 21 by law. All earnings on Fund investments shall be deposited 22 into the Fund. Upon the creation of the Fund, the State 23 Comptroller shall order the State Treasurer to transfer into 24 the Fund any monies paid to the State as described in item 25 (1) or (2) of this Section before the creation of the Fund 26 plus any interest earned on the investment of those monies. 27 Section 99. Effective date. This Act takes effect upon 28 becoming law.