Illinois General Assembly - Full Text of SB1745
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Full Text of SB1745  93rd General Assembly

SB1745eng 93rd General Assembly


SB1745 Engrossed                     LRB093 10900 SJM 11418 b

 1        AN ACT in relation to tobacco.

 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 monies paid  to  the  State
11    pursuant  to  (1)  the Master Settlement Agreement entered in
12    the case of People of the State of Illinois v. Philip Morris,
13    et al. (Circuit Court of Cook County, No. 96-L13146) and  (2)
14    any  settlement  with or judgment against any tobacco product
15    manufacturer other  than  one  participating  in  the  Master
16    Settlement Agreement in satisfaction of any released claim as
17    defined  in  the  Master Settlement Agreement, as well as any
18    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  State  Treasurer  may
25    invest the moneys in the Fund in the same manner, in the same
26    types  of  investments,  and  subject to the same limitations
27    provided in the Illinois Pension Code for the  investment  of
28    pension funds other than those established under Article 3 or
29    4 of the Code.
30        (b)  As  soon  as  may  be practical after June 30, 2001,
31    upon notification from and at the direction of the  Governor,
SB1745 Engrossed            -2-      LRB093 10900 SJM 11418 b
 1    the  State  Comptroller  shall direct and the State Treasurer
 2    shall  transfer  the  unencumbered  balance  in  the  Tobacco
 3    Settlement Recovery Fund as of June 30, 2001,  as  determined
 4    by  the  Governor,  into  the Budget Stabilization Fund.  The
 5    Treasurer may invest the moneys in the  Budget  Stabilization
 6    Fund  in  the  same manner, in the same types of investments,
 7    and subject to the same limitations provided in the  Illinois
 8    Pension  Code  for the investment of pension funds other than
 9    those established under Article 3 or 4 of the Code.
10        (c)  In addition to any other deposits authorized by law,
11    after any delivery of any bonds as authorized by Section  7.5
12    of  the  General  Obligation  Bond  Act  for  deposits to the
13    General  Revenue  Fund  and  the  Budget  Stabilization  Fund
14    (referred to as "tobacco  securitization  general  obligation
15    bonds"),  the  Governor  shall certify, on or before June 30,
16    2003 and June 30  of  each  year  thereafter,  to  the  State
17    Comptroller and State Treasurer the total amount of principal
18    of,  interest  on, and premium, if any, due on those bonds in
19    the next fiscal year beginning with  amounts  due  in  fiscal
20    year  2004.  As soon as practical after the annual payment of
21    tobacco settlement moneys to the Tobacco Settlement  Recovery
22    Fund  as  described  in item (1) of subsection (a), the State
23    Treasurer and  State  Comptroller  shall  transfer  from  the
24    Tobacco  Settlement  Recovery  Fund to the General Obligation
25    Bond Retirement and Interest Fund the amount certified by the
26    Governor, plus any cumulative deficiency in  those  transfers
27    for prior years.
28        (d)   (c)  All  federal  financial  participation  moneys
29    received pursuant to expenditures  from  the  Fund  shall  be
30    deposited into the Fund.
31    (Source:  P.A.  91-646,  eff.  11-19-99; 91-704, eff. 7-1-00;
32    91-797,  eff.  6-9-00;  92-11,  eff.  6-11-01;  92-16,   eff.
33    6-28-01;  92-596, eff. 6-28-02; 92-597, eff. 6-28-02; revised
34    9-3-02.)