Full Text of SB2217 93rd General Assembly
SB2217eng 93RD GENERAL ASSEMBLY
|
|
|
SB2217 Engrossed |
|
LRB093 15846 RCE 41463 b |
|
| 1 |
| AN ACT in relation to 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 State Treasury a special fund | 9 |
| to be known
as the Tobacco Settlement Recovery Fund, into which | 10 |
| shall be deposited
all monies paid to the State pursuant to (1) | 11 |
| the Master Settlement Agreement
entered in the case of People | 12 |
| of the State of Illinois v. Philip Morris, et al.
(Circuit | 13 |
| Court of Cook County, No. 96-L13146) and (2) any settlement | 14 |
| with or
judgment against any tobacco product manufacturer other | 15 |
| than one participating
in the Master Settlement Agreement in | 16 |
| satisfaction of any released claim as
defined in the Master | 17 |
| Settlement Agreement, as well as any other monies as
provided | 18 |
| by law. All earnings on Fund investments shall be deposited | 19 |
| into
the Fund. Upon the creation of the Fund, the State | 20 |
| Comptroller shall order
the State Treasurer to transfer into | 21 |
| the Fund any monies paid to the State as
described in item (1) | 22 |
| or (2) of this Section before the creation of the Fund
plus any | 23 |
| interest earned on the investment of those monies. The State
| 24 |
| Treasurer
may invest the moneys in the Fund in the same manner, | 25 |
| in the same types of
investments, and subject to the same | 26 |
| limitations provided in the Illinois
Pension Code for the | 27 |
| investment of pension funds other than those established
under | 28 |
| Article 3 or 4 of the Code.
| 29 |
| (b) As soon as may be practical after June 30, 2001, upon | 30 |
| notification
from and at the direction of the Governor, the | 31 |
| State Comptroller shall direct
and the State Treasurer shall | 32 |
| transfer the unencumbered balance in the Tobacco
Settlement |
|
|
|
SB2217 Engrossed |
- 2 - |
LRB093 15846 RCE 41463 b |
|
| 1 |
| Recovery Fund as of June 30, 2001, as determined by the | 2 |
| Governor,
into the Budget Stabilization Fund. The Treasurer may | 3 |
| invest the moneys in the
Budget Stabilization Fund in the same | 4 |
| manner, in the same types of investments,
and subject to the | 5 |
| same limitations provided in the Illinois Pension Code for
the | 6 |
| investment of pension funds other than those established under | 7 |
| Article 3 or
4 of the Code.
| 8 |
| (c) In addition to any other deposits authorized by law, | 9 |
| after any delivery
of any bonds as authorized by Section 7.5 of | 10 |
| the General Obligation Bond Act
for deposits to the General | 11 |
| Revenue Fund and the Budget Stabilization Fund
(referred to as | 12 |
| "tobacco securitization general obligation bonds"), the
| 13 |
| Governor shall certify, on or before June 30, 2003 and June 30 | 14 |
| of each year
thereafter, to the State Comptroller and State | 15 |
| Treasurer the total amount of
principal of, interest on, and | 16 |
| premium, if any, due on those bonds in the
next fiscal year | 17 |
| beginning with amounts due in fiscal year 2004. As soon as
| 18 |
| practical after the annual payment of tobacco settlement moneys | 19 |
| to the Tobacco
Settlement Recovery Fund as described in item | 20 |
| (1) of subsection (a), the State
Treasurer and State | 21 |
| Comptroller shall transfer from the Tobacco Settlement
| 22 |
| Recovery Fund to the General Obligation Bond Retirement and | 23 |
| Interest Fund the
amount certified by the Governor, plus any | 24 |
| cumulative deficiency in those
transfers for prior years.
| 25 |
| (d)
(c) All federal financial participation moneys | 26 |
| received
pursuant to expenditures from the Fund shall be | 27 |
| deposited into the Fund.
| 28 |
| (Source: P.A. 91-646, eff. 11-19-99; 91-704, eff. 7-1-00; | 29 |
| 91-797, eff.
6-9-00; 92-11, eff. 6-11-01; 92-16, eff. 6-28-01; | 30 |
| 92-596, eff. 6-28-02;
92-597, eff. 6-28-02; revised 9-3-02.)
|
|