State of Illinois
91st General Assembly
Legislation

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[ Introduced ][ Engrossed ][ Senate Amendment 001 ]

91_HB1628enr

HB1628 Enrolled                                LRB9103175SMdv

 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.

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