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91_HB2934
LRB9109384DJcs
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.