100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1100

 

Introduced , by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/6z-43

    Amends the State Finance Act. Makes a technical change in a Section concerning the Tobacco Settlement Recovery Fund.


LRB100 02264 MLM 12269 b

 

 

A BILL FOR

 

HB1100LRB100 02264 MLM 12269 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Finance Act is amended by changing
5Section 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 the State Treasury a special
9fund to be known as the Tobacco Settlement Recovery Fund, which
10shall contain 3 accounts: (i) the General Account, (ii) the
11Tobacco Settlement Bond Proceeds Account and (iii) the Tobacco
12Settlement Residual Account. There shall be deposited into the
13several accounts of the Tobacco Settlement Recovery Fund and
14the Attorney General Tobacco Fund all monies paid to the State
15pursuant to (1) the Master Settlement Agreement entered in the
16case of People of the State of Illinois v. Philip Morris, et
17al. (Circuit Court of Cook County, No. 96-L13146) and (2) any
18settlement with or judgment against any tobacco product
19manufacturer other than one participating in the Master
20Settlement Agreement in satisfaction of any released claim as
21defined in the Master Settlement Agreement, as well as any
22other monies as provided by law. Moneys shall be deposited into
23the Tobacco Settlement Bond Proceeds Account and the Tobacco

 

 

HB1100- 2 -LRB100 02264 MLM 12269 b

1Settlement Residual Account as provided by the terms of the
2Railsplitter Tobacco Settlement Authority Act, provided that
3an annual amount not less than $2,500,000, subject to
4appropriation, shall be deposited into the Attorney General
5Tobacco Fund for use only by the Attorney General's office. The
6scheduled $2,500,000 deposit into the Tobacco Settlement
7Residual Account for fiscal year 2011 should be transferred to
8the Attorney General Tobacco Fund in fiscal year 2012 as soon
9as this fund has been established. All other moneys available
10to be deposited into the Tobacco Settlement Recovery Fund shall
11be deposited into the General Account. An investment made from
12moneys credited to a specific account constitutes part of that
13account and such account shall be credited with all income from
14the investment of such moneys. The Treasurer may invest the
15moneys in the several accounts the Fund in the same manner, in
16the same types of investments, and subject to the same
17limitations provided in the Illinois Pension Code for the
18investment of pension funds other than those established under
19Article 3 or 4 of the Code. Notwithstanding the foregoing, to
20the extent necessary to preserve the tax-exempt status of any
21bonds issued pursuant to the Railsplitter Tobacco Settlement
22Authority Act, the interest on which is intended to be
23excludable from the gross income of the owners for federal
24income tax purposes, moneys on deposit in the Tobacco
25Settlement Bond Proceeds Account and the Tobacco Settlement
26Residual Account may be invested in obligations the interest

 

 

HB1100- 3 -LRB100 02264 MLM 12269 b

1upon which is tax-exempt under the provisions of Section 103 of
2the Internal Revenue Code of 1986, as now or hereafter amended,
3or any successor code or provision.
4    (b) Moneys on deposit in the Tobacco Settlement Bond
5Proceeds Account and the Tobacco Settlement Residual Account
6may be expended, subject to appropriation, for the purposes
7authorized in subsection (g) of Section 3-6 of the Railsplitter
8Tobacco Settlement Authority Act.
9    (c) As soon as may be practical after June 30, 2001, upon
10notification from and at the direction of the Governor, the
11State Comptroller shall direct and the State Treasurer shall
12transfer the unencumbered balance in the Tobacco Settlement
13Recovery Fund as of June 30, 2001, as determined by the
14Governor, into the Budget Stabilization Fund. The Treasurer may
15invest the moneys in the Budget Stabilization Fund in the same
16manner, in the same types of investments, and subject to the
17same limitations provided in the Illinois Pension Code for the
18investment of pension funds other than those established under
19Article 3 or 4 of the Code.
20    (d) All federal financial participation moneys received
21pursuant to expenditures from the Fund shall be deposited into
22the General Account.
23(Source: P.A. 99-78, eff. 7-20-15.)