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92_HB1732eng HB1732 Engrossed LRB9203524DJmgA 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, the 31 State Comptroller shall direct and the State Treasurer shall HB1732 Engrossed -2- LRB9203524DJmgA 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 (c) Moneys may be appropriated from the Tobacco 10 Settlement Recovery Fund to the Department of Public Health 11 for the purpose of making grants to physicians who agree to 12 practice full-time in a designated shortage area as a primary 13 care physician for a period of 3 years. The amount of the 14 grant shall be an amount equal to the tuition and fees paid 15 by the physician for his or her medical school education or 16 $80,000, whichever is less. For purposes of this subsection 17 (c), "designated shortage area" means a medically underserved 18 area or health manpower shortage area as defined by the 19 United States Department of Health and Human Services, or a 20 designated shortage area as determined by the Department of 21 Public Health. 22 (Source: P.A. 91-646, eff. 11-19-99; 91-704, eff. 7-1-00; 23 91-797, eff. 6-9-00; revised 6-28-00.) 24 Section 99. Effective date. This Act takes effect upon 25 becoming law.