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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The State Finance Act is amended by changing | |||||||||||||||||||
5 | Section 6z-43 as follows:
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6 | (30 ILCS 105/6z-43)
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7 | Sec. 6z-43. Tobacco Settlement Recovery Fund.
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8 | (a) There is created in the
the State Treasury a special | |||||||||||||||||||
9 | fund to be known
as the Tobacco Settlement Recovery Fund, into | |||||||||||||||||||
10 | which shall be deposited
all monies paid to the State pursuant | |||||||||||||||||||
11 | to (1) the Master Settlement Agreement
entered in the case of | |||||||||||||||||||
12 | People of the State of Illinois v. Philip Morris, et al.
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13 | (Circuit Court of Cook County, No. 96-L13146) and (2) any | |||||||||||||||||||
14 | 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
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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 creation | |||||||||||||||||||
20 | of the Fund, the State Comptroller shall order
the State | |||||||||||||||||||
21 | Treasurer to transfer into the Fund any monies paid to the | |||||||||||||||||||
22 | State as
described in item (1) or (2) of this Section before | |||||||||||||||||||
23 | the creation of the Fund
plus any interest earned on the |
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1 | investment of those monies. The Treasurer
may invest the moneys | ||||||
2 | in the Fund in the same manner, in the same types of
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3 | investments, and subject to the same limitations provided in | ||||||
4 | the Illinois
Pension Code for the investment of pension funds | ||||||
5 | other than those established
under Article 3 or 4 of the Code. | ||||||
6 | (b) 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.
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17 | (c) In addition to any other deposits authorized by law, | ||||||
18 | after any delivery
of any bonds as authorized by Section 7.5 of | ||||||
19 | the General Obligation Bond Act
for deposits to the General | ||||||
20 | Revenue Fund and the Budget Stabilization Fund
(referred to as | ||||||
21 | "tobacco securitization general obligation bonds"), the
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22 | Governor shall certify, on or before June 30, 2003 and June 30 | ||||||
23 | of each year
thereafter, to the State Comptroller and State | ||||||
24 | Treasurer the total amount of
principal of, interest on, and | ||||||
25 | premium, if any, due on those bonds in the
next fiscal year | ||||||
26 | beginning with amounts due in fiscal year 2004. As soon as
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1 | practical after the annual payment of tobacco settlement moneys | ||||||
2 | to the Tobacco
Settlement Recovery Fund as described in item | ||||||
3 | (1) of subsection (a), the State
Treasurer and State | ||||||
4 | Comptroller shall transfer from the Tobacco Settlement
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5 | Recovery Fund to the General Obligation Bond Retirement and | ||||||
6 | Interest Fund the
amount certified by the Governor, plus any | ||||||
7 | cumulative deficiency in those
transfers for prior years.
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8 | (d)
(c) All federal financial participation moneys | ||||||
9 | received
pursuant to expenditures from the Fund shall be | ||||||
10 | deposited into the Fund.
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11 | (Source: P.A. 91-646, eff. 11-19-99; 91-704, eff. 7-1-00; | ||||||
12 | 91-797, eff.
6-9-00; 92-11, eff. 6-11-01; 92-16, eff. 6-28-01; | ||||||
13 | 92-596, eff. 6-28-02;
92-597, eff. 6-28-02; revised 9-3-02.)
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