|
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0467 Introduced 01/31/11, by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
| | |
Amends the State Finance Act. Makes a technical change in a Section concerning
the Tobacco Settlement Recovery Fund.
|
| |
| | A BILL FOR |
|
|
| | HB0467 | | LRB097 03294 PJG 43331 b |
|
|
| 1 | | AN ACT concerning finance.
|
| 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
the State Treasury a special |
| 9 | | fund to be known
as the Tobacco Settlement Recovery Fund, which |
| 10 | | shall contain 3 accounts: (i) the General Account, (ii) the |
| 11 | | Tobacco Settlement Bond Proceeds Account and (iii) the Tobacco |
| 12 | | Settlement Residual Account. There shall be deposited into the |
| 13 | | several accounts of the Tobacco Settlement Recovery Fund
all |
| 14 | | monies paid to the State pursuant to (1) the Master Settlement |
| 15 | | Agreement
entered in the case of People of the State of |
| 16 | | Illinois v. Philip Morris, et al.
(Circuit Court of Cook |
| 17 | | County, No. 96-L13146) and (2) any settlement with or
judgment |
| 18 | | against any tobacco product manufacturer other than one |
| 19 | | participating
in the Master Settlement Agreement in |
| 20 | | satisfaction of any released claim as
defined in the Master |
| 21 | | Settlement Agreement, as well as any other monies as
provided |
| 22 | | by law. Moneys shall be deposited into
the Tobacco Settlement |
| 23 | | Bond Proceeds Account and the Tobacco Settlement Residual |
|
| | HB0467 | - 2 - | LRB097 03294 PJG 43331 b |
|
|
| 1 | | Account as provided by the terms of the Railsplitter Tobacco |
| 2 | | Settlement Authority Act, provided that an annual amount not |
| 3 | | less than $2,500,000, subject to appropriation, shall be |
| 4 | | deposited into the Tobacco Settlement Residual Account for use |
| 5 | | by the Attorney General for enforcement of the Master |
| 6 | | Settlement Agreement. All other moneys available to be |
| 7 | | deposited into the Tobacco Settlement Recovery Fund shall be |
| 8 | | deposited into the General Account. An investment made from |
| 9 | | moneys credited to a specific account constitutes part of that |
| 10 | | account and such account shall be credited with all income from |
| 11 | | the investment of such moneys. The Treasurer
may invest the |
| 12 | | moneys in the several accounts the Fund in the same manner, in |
| 13 | | the same types of
investments, and subject to the same |
| 14 | | limitations provided in the Illinois
Pension Code for the |
| 15 | | investment of pension funds other than those established
under |
| 16 | | Article 3 or 4 of the Code. Notwithstanding the foregoing, to |
| 17 | | the extent necessary to preserve the tax-exempt status of any |
| 18 | | bonds issued pursuant to the Railsplitter Tobacco Settlement |
| 19 | | Authority Act, the interest on which is intended to be |
| 20 | | excludable from the gross income of the owners for federal |
| 21 | | income tax purposes, moneys on deposit in the Tobacco |
| 22 | | Settlement Bond Proceeds Account and the Tobacco Settlement |
| 23 | | Residual Account may be invested in obligations the interest |
| 24 | | upon which is tax-exempt under the provisions of Section 103 of |
| 25 | | the Internal Revenue Code of 1986, as now or hereafter amended, |
| 26 | | or any successor code or provision. |
|
| | HB0467 | - 3 - | LRB097 03294 PJG 43331 b |
|
|
| 1 | | (b) Moneys on deposit in the Tobacco Settlement Bond |
| 2 | | Proceeds Account and the Tobacco Settlement Residual Account |
| 3 | | may be expended, subject to appropriation, for the purposes |
| 4 | | authorized in Section 6(g) of the Railsplitter Tobacco |
| 5 | | Settlement Authority Act. |
| 6 | | (c) As soon as may be practical after June 30, 2001, upon |
| 7 | | notification
from and at the direction of the Governor, the |
| 8 | | State Comptroller shall direct
and the State Treasurer shall |
| 9 | | transfer the unencumbered balance in the Tobacco
Settlement |
| 10 | | Recovery Fund as of June 30, 2001, as determined by the |
| 11 | | Governor,
into the Budget Stabilization Fund. The Treasurer may |
| 12 | | invest the moneys in the
Budget Stabilization Fund in the same |
| 13 | | manner, in the same types of investments,
and subject to the |
| 14 | | same limitations provided in the Illinois Pension Code for
the |
| 15 | | investment of pension funds other than those established under |
| 16 | | Article 3 or
4 of the Code.
|
| 17 | | (d) All federal financial participation moneys received
|
| 18 | | pursuant to expenditures from the Fund shall be deposited into |
| 19 | | the General Account.
|
| 20 | | (Source: P.A. 95-331, eff. 8-21-07; 96-958, eff. 7-1-10.)
|