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Second Substitute S.J.R. 14

Senator L. Steven Poulton proposes to substitute the following bill:


             1     
RESOLUTION CREATING CONSTITUTIONAL TRUST FUND

             2     
2000 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Sponsor: L. Steven Poulton

             5      A JOINT RESOLUTION OF THE LEGISLATURE PROPOSING TO AMEND THE UTAH
             6      CONSTITUTION; ESTABLISHING A STATE TRUST FUND; PROVIDING FOR PRINCIPAL
             7      TO BE HELD IN PERPETUITY; S PROVIDING AN EXCEPTION; s PROVIDING FOR USE OF
             7a      INCOME; DIRECTING THE
             8      LIEUTENANT GOVERNOR TO SUBMIT THE PROPOSAL TO VOTERS; AND PROVIDING
             9      AN EFFECTIVE DATE.
             10      This resolution proposes to change the Utah Constitution as follows:
             11      ENACTS:
             12          ARTICLE XXII, SECTION 4
             13      Be it resolved by the Legislature of the state of Utah, two-thirds of all members elected to each of
             14      the two houses voting in favor thereof:
             15          Section 1. It is proposed to enact Utah Constitution Article XXII, Section 4 , to read:
             16           Article XXII, Section 4. [State trust fund -- Principal to be held in perpetuity -- Use
             17      of interest.
             18          (1) There is established a permanent state trust fund consisting of:
             19          (a) as provided by statute or appropriation, funds that the state receives relating to the
             20      November 1998 settlement agreement with leading tobacco manufacturers; and
             21          (b) other funds and assets that the trust fund receives by bequest or private donation.
             22          (2) S [ The ] EXCEPT AS PROVIDED IN SUBSECTION (4), THE s state treasurer shall, as
             22a      provided by statute, hold all trust funds and assets in trust
             23      and invest them for the benefit of the people of the state in perpetuity.
             24          (3) The income from the state trust fund shall be deposited into the General Fund.
             24a      S (4) WITH THE CONCURRENCE OF THE GOVERNOR AND THREE-FOURTHS OF EACH HOUSE
             24b      OF THE LEGISLATURE, FUNDS OR ASSETS IN THE TRUST FUND MAY BE REMOVED FROM THE
             24c      FUND FOR DEPOSIT INTO THE GENERAL FUND. s
             25          Section 2. Submittal to voters.

             26          The lieutenant governor is directed to submit this proposed amendment to the voters of the
             27      state at the next regular general election in the manner provided by law.
             28          Section 3. Effective date.
             29          If the amendment proposed by this joint resolution is approved by a majority of those
             30      voting on it at the next regular general election, the amendment shall take effect on January 1,
             31      2001.

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