Bill Text: IL HB0467 | 2011-2012 | 97th General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB0467 Detail]

Download: Illinois-2011-HB0467-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB0467 Introduced , by Rep. Michael J. Madigan 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.
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A BILL FOR
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AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Finance Act is amended by changing
Section 6z-43 as follows:
(30 ILCS 105/6z-43)
Sec. 6z-43. Tobacco Settlement Recovery Fund.
(a) There is created in the the State Treasury a special
fund to be known as the Tobacco Settlement Recovery Fund, which
shall contain 3 accounts: (i) the General Account, (ii) the
Tobacco Settlement Bond Proceeds Account and (iii) the Tobacco
Settlement Residual Account. There shall be deposited into the
several accounts of the Tobacco Settlement Recovery Fund all
monies paid to the State pursuant to (1) the Master Settlement
Agreement entered in the case of People of the State of
Illinois v. Philip Morris, et al. (Circuit Court of Cook
County, No. 96-L13146) and (2) any settlement with or judgment
against any tobacco product manufacturer other than one
participating in the Master Settlement Agreement in
satisfaction of any released claim as defined in the Master
Settlement Agreement, as well as any other monies as provided
by law. Moneys shall be deposited into the Tobacco Settlement
Bond Proceeds Account and the Tobacco Settlement Residual

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Account as provided by the terms of the Railsplitter Tobacco
Settlement Authority Act, provided that an annual amount not
less than $2,500,000, subject to appropriation, shall be
deposited into the Tobacco Settlement Residual Account for use
by the Attorney General for enforcement of the Master
Settlement Agreement. All other moneys available to be
deposited into the Tobacco Settlement Recovery Fund shall be
deposited into the General Account. An investment made from
moneys credited to a specific account constitutes part of that
account and such account shall be credited with all income from
the investment of such moneys. The Treasurer may invest the
moneys in the several accounts the Fund in the same manner, in
the same types of investments, and subject to the same
limitations provided in the Illinois Pension Code for the
investment of pension funds other than those established under
Article 3 or 4 of the Code. Notwithstanding the foregoing, to
the extent necessary to preserve the tax-exempt status of any
bonds issued pursuant to the Railsplitter Tobacco Settlement
Authority Act, the interest on which is intended to be
excludable from the gross income of the owners for federal
income tax purposes, moneys on deposit in the Tobacco
Settlement Bond Proceeds Account and the Tobacco Settlement
Residual Account may be invested in obligations the interest
upon which is tax-exempt under the provisions of Section 103 of
the Internal Revenue Code of 1986, as now or hereafter amended,
or any successor code or provision.

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(b) Moneys on deposit in the Tobacco Settlement Bond
Proceeds Account and the Tobacco Settlement Residual Account
may be expended, subject to appropriation, for the purposes
authorized in Section 6(g) of the Railsplitter Tobacco
Settlement Authority Act.
(c) As soon as may be practical after June 30, 2001, upon
notification from and at the direction of the Governor, the
State Comptroller shall direct and the State Treasurer shall
transfer the unencumbered balance in the Tobacco Settlement
Recovery Fund as of June 30, 2001, as determined by the
Governor, into the Budget Stabilization Fund. The Treasurer may
invest the moneys in the Budget Stabilization Fund in the same
manner, in the same types of investments, and subject to the
same limitations provided in the Illinois Pension Code for the
investment of pension funds other than those established under
Article 3 or 4 of the Code.
(d) All federal financial participation moneys received
pursuant to expenditures from the Fund shall be deposited into
the General Account.
(Source: P.A. 95-331, eff. 8-21-07; 96-958, eff. 7-1-10.)