State of Illinois
91st General Assembly
Legislation

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91_HB4049

 
                                               LRB9111537DJcd

 1        AN ACT to amend the State Finance Act by changing Section
 2    6z-43.

 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  changing
 6    Section 6z-43 as follows:

 7        (30 ILCS 105/6z-43)
 8        Sec. 6z-43. Tobacco Settlement Recovery Fund.
 9        (a)  There  is  created  in  the State Treasury a special
10    fund to be known as the Tobacco Settlement Recovery Fund into
11    which shall  be  deposited  all  monies  paid  to  the  State
12    pursuant  to  (1)  the Master Settlement Agreement entered in
13    the case of People of the State of Illinois v. Philip Morris,
14    et al. (Circuit Court of Cook County, No. 96-L13146) and  (2)
15    any  settlement  with or judgment against any tobacco product
16    manufacturer other  than  one  participating  in  the  Master
17    Settlement Agreement in satisfaction of any released claim as
18    defined  in  the  Master Settlement Agreement, as well as any
19    other monies as  provided  by  law.   All  earnings  on  Fund
20    investments  shall  be  deposited  into  the  Fund.  Upon the
21    creation of the Fund, the State Comptroller shall  order  the
22    State  Treasurer to transfer into the Fund any monies paid to
23    the State as described in item (1) or  (2)  of  this  Section
24    before  the  creation of the Fund plus any interest earned on
25    the investment of those monies.
26        (b) Monies paid to the State pursuant to  items  (1)  and
27    (2) of subsection (a) may not be used for any purpose related
28    to  the  issuance  of  bonds,  the  payment  of  principal or
29    interest on bonds, or the  payment  of  any  other  costs  in
30    connection   with  bonds,  except  bonds  issued  to  finance
31    projects related to public health.
 
                            -2-                LRB9111537DJcd
 1    (Source: P.A. 91-646, eff. 11-19-99.)

 2        Section 99.  Effective date.  This Act takes effect  upon
 3    becoming law.

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