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Second Substitute S.B. 15
Senator L. Steven Poulton proposes to substitute the following bill:
1
USE OF TOBACCO SETTLEMENT REVENUES
2
2000 GENERAL SESSION
3
STATE OF UTAH
4
Sponsor: L. Steven Poulton
5
AN ACT RELATING TO THE TOBACCO SETTLEMENT ACCOUNT; CREATING THE
6
TOBACCO SETTLEMENT ENDOWMENT AND RENAMING THE TOBACCO
7
SETTLEMENT ACCOUNT; APPORTIONING TOBACCO SETTLEMENT FUNDS BETWEEN
8
THE ACCOUNT AND THE ENDOWMENT; REQUIRING THAT FUNDS IN THE TOBACCO
9
SETTLEMENT RESTRICTED ACCOUNT BE ALLOCATED EACH YEAR IN THE
10
FOLLOWING ORDER: $5,500,000 FOR THE CHILDREN'S HEALTH INSURANCE
11
PROGRAM, S [
$4,000,000
]
$3,000,000
s FOR TOBACCO S
AND SUBSTANCE ABUSE
s
11a
PREVENTION, S [
$2,000,000
]
$3,000,000
s FOR THE DRUG
12
COURT PROGRAM, AND $4,000,000 FOR THE UNIVERSITY OF UTAH HEALTH
13
SCIENCES CENTER; IMPOSING AN ANNUAL REPORTING REQUIREMENT; DIRECTING
14
THE APPROPRIATION OF FUNDS FOR FISCAL YEAR 2000-01; REPEALING THE
15
HOSPITAL PROVIDER ASSESSMENT; PROVIDING AN EFFECTIVE DATE; AND
16
PROVIDING A COORDINATING CLAUSE TO ALLOCATE TOBACCO SETTLEMENT
17
FUNDS TO A CONSTITUTIONALLY CREATED TRUST FUND.
18
This act affects sections of Utah Code Annotated 1953 as follows:
19
AMENDS:
20
26-40-102, as enacted by Chapter 360, Laws of Utah 1998
21
26-40-103, as last amended by Chapters 21 and 61, Laws of Utah 1999
22
63-97-101, as enacted by Chapter 78, Laws of Utah 1999
23
ENACTS:
23a
S
52-7-12.1, UTAH CODE ANNOTATED 1953
s
24
63-97-301, Utah Code Annotated 1953
25
RENUMBERS AND AMENDS:
26
63-97-201, (Renumbered from 63-97-102, as enacted by Chapter 78, Laws of Utah 1999)
27
REPEALS:
28
26-40-111, as enacted by Chapter 360, Laws of Utah 1998
29
26-40-112, as last amended by Chapter 78, Laws of Utah 1999
30
26-40-113, as enacted by Chapter 360, Laws of Utah 1998
31
26-40-114, as enacted by Chapter 360, Laws of Utah 1998
32
Be it enacted by the Legislature of the state of Utah:
33
Section 1.
Section
26-40-102
is amended to read:
34
26-40-102. Definitions.
35
As used in this chapter:
36
[(1) "Assessment" means the hospital provider assessment established in Section
37
26-40-111
.]
38
[(2)] (1) "Child" means a person who is under 19 years of age.
39
[(3)] (2) "Eligible child" means a child who qualifies for enrollment in the program as
40
provided in Section
26-40-105
.
41
[(4)] (3) "Enrollee" means any child enrolled in the program.
42
[(5) "Freestanding ambulatory surgical facility" means an urban or rural nonhospital-based
43
or nonhospital-affiliated licensed facility, as defined in Section
26-21-2
, as an ambulatory surgical
44
facility, with an organized professional staff that provides surgical services to patients who do not
45
require an inpatient bed.]
46
[(6) (a) "Hospital" means any general acute hospital, as defined in Section
26-21-2
,
47
operating in this state.]
48
[(b) "Hospital" does not include:]
49
[(i) a residential care or treatment facility, as defined in Subsections
62A-2-101
(16), (17),
50
and (19);]
51
[(ii) the Utah State Hospital;]
52
[(iii) any rural hospital that operates outside of a metropolitan statistical area, a
53
metropolitan area, or an urbanized area as designated by the U.S. Bureau of Census; or]
54
[(iv) any specialty hospital operating in this state, as defined in Section
26-21-2
, that is
55
engaged exclusively in rendering psychiatric or other mental health treatment.]
56
[(7) "Hospital-based ambulatory surgical facility" means an urban or rural on-hospital
57
campus or hospital-affiliated licensed facility with an organized professional staff that provides
58
surgical services to patients who do not require an inpatient bed.]
59
[(8)] (4) "Plan" means the department's plan submitted to the United States Department
60
of Health and Human Services pursuant to 42 U.S.C. Sec. 1397ff.
61
[(9)] (5) "Program" means the Utah Children's Health Insurance Program created by this
62
chapter.
63
Section 2.
Section
26-40-103
is amended to read:
64
26-40-103. Creation and administration of the Utah Children's Health Insurance
65
Program.
66
(1) There is created the Utah Children's Health Insurance Program to be administered by
67
the department in accordance with the provisions of:
68
(a) this chapter; and
69
(b) the State Children's Health Insurance Program, 42 U.S.C. Sec. 1397aa et seq.
70
(2) The department shall:
71
(a) prepare and submit the state's children's health insurance plan before May 1, 1998, and
72
any amendments to the federal Department of Health and Human Services in accordance with 42
73
U.S.C. Sec. 1397ff; and
74
(b) make rules in accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking
75
Act regarding:
76
(i) eligibility requirements consistent with Subsection
26-18-3
(6);
77
(ii) program benefits;
78
(iii) the level of coverage for each program benefit;
79
(iv) cost-sharing requirements for enrollees, which may not:
80
(A) exceed the guidelines set forth in 42 U.S.C. Sec. 1397ee; or
81
(B) impose deductible, copayment, or coinsurance requirements on an enrollee for
82
well-child, well-baby, and immunizations; and
83
(v) the administration of the program[; and].
84
[(vi) the provider assessment, including:]
85
[(A) the factor for the assessment;]
86
[(B) the administration, collection, and enforcement of the assessment, including:]
87
[(I) auditing a provider's records; and]
88
[(II) imposing penalties for failure to pay the assessment as required; and]
89
[(C) reducing the amount of the assessment to the extent funds are deposited into the
90
Hospital Provider Assessment Account created in Section
26-40-112
as a result of private
91
contributions to the program.]
92
(3) Before July 1, 2001, the Governor's Office of Planning and Budget shall study the
93
effectiveness of the department's administration of the program and report any findings to:
94
(a) the Health and Human Services Interim Committee of the Legislature;
95
(b) the Health Policy Commission; and
96
(c) the department.
96a
S
Section 3. Section 51-7-12.1 is enacted to read:
96b
51-7-12.1. Deposit or investment of Tobacco Settlement Endowment -- Authorized deposits
96c
and investment -- Asset manager.
96d
(1) NOTWITHSTANDING THE REQUIREMENTS OF SECTION 51-7-11, MONIES IN THE
96e
TOBACCO SETTLEMENT ENDOWMENT ESTABLISHED BY SECTION 63-97-301 SHALL BE
96f
DEPOSITED OR INVESTED ONLY IN THE FOLLOWING:
96g
(a) ANY DEPOSIT OR INVESTMENT AUTHORIZED BY SECTION 51-7-11;
96h
(b) EQUITY SECURITIES, INCLUDING COMMON AND PREFERRED STOCK ISSUED BY
96i
CORPORATIONS LISTED ON A MAJOR SECURITIES EXCHANGE, IN ACCORDANCE WITH THE
96j
FOLLOWING CRITERIA APPLIED AT THE TIME OF INVESTMENT:
96k
(i) THE TREASURER MAY NOT INVEST MORE THAN 5%, DETERMINED ON A COST BASIS, OF
96l
THE TOTAL ENDOWMENT ASSETS IN THE SECURITIES OF ANY ONE ISSUER;
96m
(ii) THE TREASURER MAY NOT INVEST MORE THAN 25%, DETERMINED ON A COST BASIS,
96n
OF THE TOTAL ENDOWMENT ASSETS IN A PARTICULAR INDUSTRY;
96o
(iii) THE TREASURER MAY NOT INVEST MORE THAN 5%, DETERMINED ON A COST BASIS,
96p
OF THE TOTAL ENDOWMENT ASSETS IN SECURITIES OF CORPORATIONS THAT HAVE BEEN IN
96q
CONTINUOUS OPERATION FOR LESS THAN THREE YEARS;
96r
(iv) THE ENDOWMENT MAY NOT HOLD IN EXCESS OF 5% OF THE OUTSTANDING VOTING
96s
SECURITIES OF ANY ONE CORPORATION; AND
96t
(v) AT LEAST 75% OF THE CORPORATIONS IN WHICH INVESTMENTS ARE MADE UNDER
96u
SUBSECTION (1)(b) MUST APPEAR ON THE STANDARD AND POOR'S 500 COMPOSITE STOCK PRICE
96v
INDEX;
96w
(c) FIXED-INCOME SECURITIES, INCLUDING BONDS, NOTES MORTGAGE SECURITIES, ZERO
96x
COUPON SECURITIES, AND CONVERTIBLE SECURITIES ISSUED BY DOMESTIC CORPORATIONS
96y
RATED A OR HIGHER BY MOODY'S INVESTOR'S SERVICE, INC. OR BY STANDARD AND POOR'S
96z
CORPORATION IN ACCORDANCE WITH THE FOLLOWING CRITERIA APPLIED AT THE TIME OF
96aa
INVESTMENT:
96ab
(i) THE TREASURER MAY NOT INVEST MORE THAN 5%, DETERMINED ON A COST BASIS, OF
96ac
THE TOTAL ENDOWMENT ASSETS IN THE SECURITIES OF ANY ONE ISSUER;
96ad
(ii) THE TREASURER MAY NOT INVEST MORE THAN 25%, DETERMINED ON A COST
96ae
BASIS, OF THE TOTAL ENDOWMENT ASSETS IN A PARTICULAR INDUSTRY;
96af
(iii) THE TREASURER MAY NOT INVEST MORE THAN 5%, DETERMINED ON A COST BASIS,
96ag
OF THE TOTAL FUND ASSETS IN THE SECURITIES OF CORPORATIONS THAT HAVE BEEN IN
96ah
CONTINUOUS OPERATION FOR LESS THAN THREE YEARS; AND
96ai
(iv) THE DOLLAR-WEIGHTED AVERAGE MATURITY OF FIXED-INCOME SECURITIES
96aj
ACQUIRED UNDER SUBSECTION (1)(c), MAY NOT EXCEED TEN YEARS;
96ak
(d) FIXED-INCOME SECURITIES ISSUED BY AGENCIES OF THE UNITED STATES AND
96al
GOVERNMENT-SPONSORED ORGANIZATIONS, INCLUDING MORTGAGE-BACKED PASS-THROUGH
96am
CERTIFICATES AND MORTGAGE-BACKED BONDS;
96an
(e) SHARES OF AN OPEN-END DIVERSIFIED MANAGEMENT INVESTMENT COMPANY
96ao
ESTABLISHED UNDER THE INVESTMENT COMPANIES ACT OF 1940; AND
96ap
(f) SHARES OF OR DEPOSITS IN A POOLED-INVESTMENT PROGRAM.
96aq
(2) (a) NO MORE THAN 65% OF THE TOTAL FUND ASSETS OF ANY OF THIS ENDOWMENT,
96ar
ON A COST BASIS, MAY BE INVESTED IN COMMON OR PREFERRED STOCKS AT ANY ONE TIME.
96as
(b) AT LEAST 35% OF THE TOTAL ASSETS OF THIS ENDOWMENT SHALL BE INVESTED IN
96at
FIXED-INCOME SECURITIES AUTHORIZED BY SUBSECTIONS (1)(a), (c), AND (d).
96au
(3) THE TREASURER SHALL USE APPROPRIATE INVESTMENT STRATEGIES TO PROTECT
96av
THE PRINCIPAL OF THE ENDOWMENT ADMINISTERED UNDER THIS SECTION DURING PERIODS OF
96aw
FINANCIAL MARKET VOLATILITY.
96ax
(4) (a) THE TREASURER MAY EMPLOY PROFESSIONAL ASSET MANAGERS TO ASSIST IN
96ay
THE INVESTMENT OF ASSETS OF THE ENDOWMENT.
96az
(b) THE TREASURER MAY PROVIDE COMPENSATION TO ASSET MANAGERS FROM
96ba
EARNINGS GENERATED BY THE FUNDS' INVESTMENTS.
96bb
(5) THE COUNCIL SHALL GIVE SUGGESTIONS, ADVICE, AND OPINIONS TO THE TREASURER
96bc
IN REGARD TO THIS SECTION.
s
97
Section S [
3
]
4
s .
Section
63-97-101
is amended to read:
98
CHAPTER 97. TOBACCO SETTLEMENT FUNDS
99
63-97-101. Title.
100
This chapter is known as the "Tobacco Settlement [Account] Funds."
101
Section S [
4
]
5
s .
Section
63-97-201
, which is renumbered from Section 63-97-102 is
101a
renumbered
102
and amended to read:
103
Part 2. Tobacco Settlement Restricted Account
104
[63-97-102]. 63-97-201. Creation of Tobacco Settlement Restricted Account.
105
(1) There is created within the General Fund a restricted account known as the Tobacco
106
Settlement Restricted Account.
107
(2) The account shall earn interest.
108
[(2)] (3) The account shall consist of:
109
(a) until July 1, 2003, 50% of all funds of every kind that are received by the state that are
110
related to the settlement agreement that the state entered into with leading tobacco manufacturers
111
on November 23, 1998[.];
112
[(3) Funds in the account may only be used as directed by the Legislature through
113
appropriation.]
114
(b) on and after July 1, 2003, 40% of all funds of every kind that are received by the state
115
that are related to the settlement agreement that the state entered into with leading tobacco
116
manufacturers on November 23, 1998; and
117
(c) interest earned on the account.
118
(4) To the extent that funds will be available for appropriation in a given fiscal year, those
119
funds shall be appropriated from the account in the following order:
120
(a) $5,500,000 to the Department of Health for the Children's Health Insurance Program
121
created in Section
26-40-103
;
122
(b) S [
$4,000,000
]
$2,000,000
s to the Department of Health for S [
tobacco
]
ALCOHOL,
122a
TOBACCO, AND OTHER DRUG
s prevention, reduction, cessation,
123
and control programs that promote S [
a unified message
]
UNIFIED MESSAGES
s and make use of
123a
media outlets S ,
INCLUDING BUT NOT LIMITED TO RADIO, NEWSPAPER, BILLBOARDS AND
123b
TELEVISION, WITH A PREFERENCE IN FUNDING GIVEN TO TOBACCO-RELATED PROGRAMS
s
;
123c
S (c) $1,000,000 TO THE DEPARTMENT OF HEALTH TO BE DISTRIBUTED TO LOCAL HEALTH
123d
DEPARTMENTS TO CONTINUE TOBACCO PREVENTION, REDUCTION, CESSATION, AND CONTROL
123e
PROGRAMS; s
124
S [(c)] (d) s S [$300,000] $297,600 s
to the Administrative Office of the Courts and
124a
S [ $1,700,000] $1,991,300 s to the Department
125
of Human Services for the statewide expansion of the drug court program;
125a
S
(e) $77,400 TO THE BOARD OF PARDONS, $108,700 TO THE DEPARTMENT OF
125b
CORRECTIONS, AND $525,000 TO THE DEPARTMENT OF HUMAN SERVICE FOR A DRUG BOARD
125c
PILOT PROGRAM;
s
126
S [
(d)
]
(f)
s $4,000,000 to the State Board of Regents for the University of Utah Health
126a
Sciences
127
Center to benefit the health and well-being of Utah citizens through in-state research, treatment,
128
and educational activities; and
129
S [
(e)
]
(g)
s any remaining funds as directed by the Legislature through appropriation.
129a
S
(5)(a) IF TOBACCO FUNDS IN DISPUTE FOR ATTORNEYS FEES ARE RECEIVED BY THE
129b
STATE, THOSE FUNDS SHALL BE DIVIDED AND DEPOSITED IN ACCORDANCE WITH SUBSECTION
129c
(3) AND SECTION 63-97-301.
129d
(b) THE AMOUNT APPROPRIATED TO THE DEPARTMENT OF HEALTH FOR ALCOHOL,
129e
TOBACCO, AND OTHER DRUG PROGRAMS DESCRIBED IN SUBSECTION (4)(b), INCLUDING THE
129f
FUNDING PREFERENCE FOR TOBACCO-RELATED PROGRAMS, SHALL BE INCREASED BY UP TO
129g
$2,000,000 IN A GIVEN FISCAL YEAR TO THE EXTENT THAT FUNDS IN DISPUTE FOR ATTORNEYS
129h
FEES ARE AVAILABLE TO THE STATE FOR APPROPRIATION FROM THE ACCOUNT.
s
130
S [
(5)
]
(6)
s Each state agency identified in Subsection (4) shall provide an annual report on
130a
the
131
program and activities funded under Subsection (4) to:
132
(a) the Health and Human Services Interim Committee no later than September 1; and
133
(b) the Health and Human Services Joint Appropriations Subcommittee.
134
Section 5.
Section
63-97-301
is enacted to read:
135
Part 3. Tobacco Settlement Endowment.
136
63-97-301. Tobacco Settlement Endowment.
137
(1) There is created within the General Fund a restricted account known as the Tobacco
138
Settlement Endowment.
139
S [
(2) The account shall earn interest.
]
(2) MONIES IN THE ACCOUNT SHALL BE DEPOSITED OR INVESTED PURSUANT TO SECTION 51-7-12.1.
s
140
(3) The account shall consist of:
141
(a) until July 1, 2003, 50% of all funds of every kind that are received by the state that are
142
related to the settlement agreement that the state entered into with leading tobacco manufacturers
143
on November 23, 1998;
144
(b) on and after July 1, 2003, 60% of all funds of every kind that are received by the state
145
that are related to the settlement agreement that the state entered into with leading tobacco
146
manufacturers on November 23, 1998; S
[and
147
(c) interest earned on the account.
148
(4) Tobacco settlement funds deposited into the account pursuant to Subsection (3)(a) may
149
not be appropriated for any purpose, but shall remain in the account for the purpose of earning
150
interest to be appropriated in accordance with Subsection (5).
151
(5) Interest earned on the account may be appropriated by the Legislature.]
151a
(c) CAPITAL GAINS ON ASSETS IN THE ACCOUNT; AND
151b
(d) INTEREST AND DIVIDENDS EARNED ON INVESTMENTS.
151c
(4) TOBACCO SETTLEMENT FUNDS AND CAPITAL GAINS IN THE ACCOUNT PURSUANT TO
151d
SUBSECTIONS (3)(a), (b), AND (c) SHALL BE TREATED AS PRINCIPAL AND MAY NOT BE
151e
APPROPRIATED FOR ANY PURPOSE, BUT SHALL REMAIN IN THE ACCOUNT FOR THE PURPOSE OF
151f
EARNING INTEREST AND DIVIDENDS TO BE APPROPRIATED IN ACCORDANCE WITH SUBSECTION
151g
(5).
151h
(5) INTEREST AND DIVIDENDS EARNED ON THE ACCOUNT MAY ONLY BE USED AS
151i
DIRECTED BY THE LEGISLATURE THROUGH APPROPRIATION.
151j
(6)(a) FIFTY PERCENT OF THE INTEREST EARNED ANNUALLY ON THE ACCOUNT SHALL
151k
REMAIN IN THE ACCOUNT AND BE INVESTED AND TREATED AS PRINCIPAL.
151l
(b) ANY ANNUAL INTEREST EARNED ON THE ACCOUNT THAT REMAINS AFTER
151m
SUBSECTION (6)(a) MAY BE APPROPRIATED BY THE LEGISLATURE.
s
152
Section S [
6
]
7
s . Repealer.
153
This act repeals:
154
Section 26-40-111, Provider assessment.
155
Section 26-40-112, Hospital Provider Assessment Account.
156
Section 26-40-113, Intergovernmental transfers.
157
Section 26-40-114, Repeal of assessment.
158
Section S [
7
]
8
s . Appropriation.
159
(1) Fifty percent of the tobacco settlement funds in the Tobacco Settlement Account
160
created by Section
63-97-201
as of June 30, 2000, shall be deposited into the Tobacco Settlement
161
Endowment created by Section
63-97-301
on July 1, 2000.
162
(2) Funds remaining in the Tobacco Settlement Account after Subsection (1) are
163
appropriated for fiscal year 2000-01 in the following order:
164
(a) $5,500,000 to the Department of Health for the Children's Health Insurance Program;
165
(b) S [$4,000,000] $2,000,000 s to the Department of Health for S [tobacco]
ALCOHOL,
165a
TOBACCO, AND OTHER DRUG
s prevention, reduction, cessation,
166
and control programs as described in Section
63-97-201
S
, INCLUDING THE FUNDING
166a
PREFERENCE FOR TOBACCO-RELATED PROGRAMS
s ;
166b
S
(c) $1,000,000 TO THE DEPARTMENT OF HEALTH TO BE DISTRIBUTED TO LOCAL HEALTH
166c
DEPARTMENTS TO CONTINUE TOBACCO PREVENTION, REDUCTION, CESSATION, AND CONTROL
166d
PROGRAMS;
s
167
S [
(c)
]
(d)
s S [
$300,000
]
$297,600
s to the Administrative Office of the Courts and
167a
S [
$1,700,000
]
$1,991,300
s to the Department
168
of Human Services for the drug court program as provided in Section
63-97-201
; S [
and
]
168a
(e) $77,400 TO THE BOARD OF PARDONS, $108,700 TO THE DEPARTMENT OF
168b
CORRECTIONS, AND $525,000 TO THE DEPARTMENT OF HUMAN SERVICE FOR A DRUG BOARD
168c
PILOT PROGRAM; AND s
169
S [
(d)
]
(f)
s
$4,000,000 to the State Board of Regents for the University of Utah Health
169a
Sciences
170
Center as provided in Section
63-97-201
.
170a
S
(3) IF TOBACCO FUNDS IN DISPUTE FOR ATTORNEYS FEES ARE RECEIVED BY THE
170b
STATE DURING FISCAL YEAR 2000-01:
170c
(a) THOSE FUNDS SHALL BE DIVIDED AND DEPOSITED IN ACCORDANCE WITH SECTION
170d
63-97-201 AND 63-97-301; AND
170e
(b) THE AMOUNT APPROPRIATED TO THE DEPARTMENT OF HEALTH FOR ALCOHOL,
170f
TOBACCO, AND OTHER DRUG PROGRAMS DESCRIBED IN SUBSECTION (2)(b), INCLUDING THE
170g
FUNDING PREFERENCE FOR TOBACCO-RELATED PROGRAMS, SHALL BE INCREASED BY UP TO
170h
$2,000,000 TO THE EXTENT THAT FUNDS IN DISPUTE FOR ATTORNEYS FEES ARE AVAILABLE TO
170i
THE STATE FOR APPROPRIATION FROM THE ACCOUNT CREATED BY SECTION 63-97-201.
s
171
S [
(3)
]
(4)
s It is the intent of the Legislature that funds deposited into the Tobacco
171a
Settlement
172
Account after July 1, 2000, and before July 1, 2001, may be used, as they become available, if
173
necessary for the appropriation in Subsection (2).
174
S [
(4)
]
(5)
s The appropriation in this section is the only appropriation that may be made for
175
tobacco settlement funds for fiscal year 2000-01.
176
S [
(5)
]
(6)
s Any funds remaining in the Hospital Providers Assessment Account as of June
176a
30,
177
2000, shall lapse into the General Fund.
178
Section S [
8
]
9
s . Effective date.
179
This act takes effect on July 1, 2000.
180
Section S [
9
]
10
s . Coordination clause.
180a
S
(1) IF THIS BILL AND H.B. 390, ENDOWMENT FUND FOR TOBACCO SETTLEMENT MONIES,
180b
BOTH PASS IT IS THE INTENT OF THE LEGISLATURE THAT:
180c
(a) THE AMENDMENTS TO SECTION 51-7-12.1 IN H.B. 390 SUPERCEDE THE AMENDMENTS
180d
TO SECTION 51-7-12.1 IN THIS BILL AND THAT THE REFERENCE TO "SECTION 63-97-102" IN
180e
SECTION 51-7-12.1 IN H.B. 390 BE AMENDED TO READ "63-97-102".
180f
(b) THE RENUMBERING AND AMENDMENTS TO SECTION 63-97-102 IN THIS BILL
180g
SUPERCEDE THE AMENDMENTS TO SECTION 63-97-102 IN H.B. 390.
s
181
S [
If
]
(2) IF
s this bill passes and if S.J.R.14, Resolution Creating Constitutional Trust Fund,
181a
passes
182
the Legislature and is approved by a majority of those voting at the next general election and thus
183
becomes effective on January 1, 2001, it is the intent of the Legislature that effective as of January
184
1, 2001:
185
S [
(1)
]
(a)
s Section
63-97-301
be repealed and reenacted to read as follows:
186
"63-97-301. Permanent state trust fund.
187
(1) Until July 1, 2003, 50% of all funds of every kind that are received by the state that are
188
related to the settlement agreement that the state entered into with leading tobacco manufacturers
189
on November 23, 1998, shall be deposited into the permanent state trust fund created by and
190
operated under Utah Constitution Article XXII, Section 4.
191
(2) On and after July 1, 2003, 60% of all funds of every kind that are received by the state
192
that are related to the settlement agreement that the state entered into with leading tobacco
193
manufacturers on November 23, 1998, shall be deposited into the permanent state trust fund
194
created by and operated under Utah Constitution Article XXII, Section 4.
194a
S (
3) FUNDS IN THE PERMANENT STATE TRUST FUND SHALL BE DEPOSITED OR INVESTED
194b
PURSUANT TO SECTION 51-7-12.1.
"
194c
(b) THE REFERENCE TO "THE TOBACCO SETTLEMENT ENDOWMENT ESTABLISHED BY
194d
SECTION 63-97-301" IN SUBSECTION 51-7-12.1(1) BE AMENDED TO READ "THE PERMANENT STATE
194e
TRUST FUND CREATED BY AND OPERATED UNDER UTAH CONSTITUTION ARTICLE XXII, SECTION
194f
4
". s
195
S [
(2)
]
(c)
s Any and all funds in the Tobacco Settlement Endowment created in Section
195a
S [
5
]
6
s of this
196
bill shall be deposited into the permanent state trust fund created by and operated under Utah
197
Constitution Article XXII, Section 4.
198
S [
(3)
]
(d)
s The Office of Legislative Research and General Counsel shall prepare the
198a
database for
199
publication to reflect the statutory changes in S [
Subsection (1)
]
SUBSECTIONS (2)(a) AND (b)
s .
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