102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1242

 

Introduced 2/17/2021, by Rep. Emanuel Chris Welch

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/6z-43

    Amends the State Finance Act. Makes a technical change in a Section concerning the Tobacco Settlement Recovery Fund.


LRB102 03257 RJF 13270 b

 

 

A BILL FOR

 

HB1242LRB102 03257 RJF 13270 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Finance Act is amended by changing
5Section 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
9fund to be known as the Tobacco Settlement Recovery Fund,
10which shall contain 3 accounts: (i) the General Account, (ii)
11the Tobacco Settlement Bond Proceeds Account and (iii) the
12Tobacco Settlement Residual Account. There shall be deposited
13into the several accounts of the Tobacco Settlement Recovery
14Fund and the Attorney General Tobacco Fund all monies paid to
15the State pursuant to (1) the Master Settlement Agreement
16entered in the case of People of the State of Illinois v.
17Philip Morris, et al. (Circuit Court of Cook County, No.
1896-L13146) and (2) any settlement with or judgment against any
19tobacco product manufacturer other than one participating in
20the Master Settlement Agreement in satisfaction of any
21released claim as defined in the Master Settlement Agreement,
22as well as any other monies as provided by law. Moneys shall be
23deposited into the Tobacco Settlement Bond Proceeds Account

 

 

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1and the Tobacco Settlement Residual Account as provided by the
2terms of the Railsplitter Tobacco Settlement Authority Act,
3provided that an annual amount not less than $2,500,000,
4subject to appropriation, shall be deposited into the Attorney
5General Tobacco Fund for use only by the Attorney General's
6office. The scheduled $2,500,000 deposit into the Tobacco
7Settlement Residual Account for fiscal year 2011 should be
8transferred to the Attorney General Tobacco Fund in fiscal
9year 2012 as soon as this fund has been established. All other
10moneys available to be deposited into the Tobacco Settlement
11Recovery Fund shall be deposited into the General Account. An
12investment made from moneys credited to a specific account
13constitutes part of that account and such account shall be
14credited with all income from the investment of such moneys.
15The Treasurer may invest the moneys in the several accounts
16the Fund in the same manner, in the same types of investments,
17and subject to the same limitations provided in the Illinois
18Pension Code for the investment of pension funds other than
19those established under Article 3 or 4 of the Code.
20Notwithstanding the foregoing, to the extent necessary to
21preserve the tax-exempt status of any bonds issued pursuant to
22the Railsplitter Tobacco Settlement Authority Act, the
23interest on which is intended to be excludable from the gross
24income of the owners for federal income tax purposes, moneys
25on deposit in the Tobacco Settlement Bond Proceeds Account and
26the Tobacco Settlement Residual Account may be invested in

 

 

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1obligations the interest upon which is tax-exempt under the
2provisions of Section 103 of the Internal Revenue Code of
31986, as now or hereafter amended, or any successor code or
4provision.
5    (b) Moneys on deposit in the Tobacco Settlement Bond
6Proceeds Account and the Tobacco Settlement Residual Account
7may be expended, subject to appropriation, for the purposes
8authorized in subsection (g) of Section 3-6 of the
9Railsplitter Tobacco Settlement Authority Act.
10    (c) As soon as may be practical after June 30, 2001, upon
11notification from and at the direction of the Governor, the
12State Comptroller shall direct and the State Treasurer shall
13transfer the unencumbered balance in the Tobacco Settlement
14Recovery Fund as of June 30, 2001, as determined by the
15Governor, into the Budget Stabilization Fund. The Treasurer
16may invest the moneys in the Budget Stabilization Fund in the
17same manner, in the same types of investments, and subject to
18the same limitations provided in the Illinois Pension Code for
19the investment of pension funds other than those established
20under Article 3 or 4 of the Code.
21    (d) All federal financial participation moneys received
22pursuant to expenditures from the Fund shall be deposited into
23the General Account.
24(Source: P.A. 99-78, eff. 7-20-15.)