State of Illinois
92^nd General Assembly
Legislation

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92_HB2828eng

 
HB2828 Engrossed                               LRB9206235REmg

 1        AN ACT concerning tobacco settlement funds.

 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 moneys monies paid to the
11    State pursuant to (1) the Master Settlement Agreement entered
12    in the case of People of the  State  of  Illinois  v.  Philip
13    Morris,  et al. (Circuit Court of Cook County, No. 96-L13146)
14    and (2) any settlement with or judgment against  any  tobacco
15    product  manufacturer  other  than  one  participating in the
16    Master Settlement Agreement in satisfaction of  any  released
17    claim  as defined in the Master Settlement Agreement, as well
18    as any 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, the
31    State Comptroller shall direct and the State Treasurer  shall
 
HB2828 Engrossed            -2-                LRB9206235REmg
 1    transfer  the  unencumbered balance in the Tobacco Settlement
 2    Recovery  Fund  as  of  June  30,  2001   into   the   Budget
 3    Stabilization  Fund.   The Treasurer may invest the moneys in
 4    the Budget Stabilization Fund in the same manner, in the same
 5    types of investments, and subject  to  the  same  limitations
 6    provided  in  the Illinois Pension Code for the investment of
 7    pension funds other than those established under Article 3 or
 8    4 of the Code.
 9    (Source: P.A. 91-646, eff.  11-19-99;  91-704,  eff.  7-1-00;
10    91-797, eff. 6-9-00; revised 6-28-00.)

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