Bill Text: IL HB1100 | 2017-2018 | 100th General Assembly | Introduced
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) 2019-01-08 - Session Sine Die [HB1100 Detail]
Download: Illinois-2017-HB1100-Introduced.html
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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, which | |||||||||||||||||||
10 | shall contain 3 accounts: (i) the General Account, (ii) the | |||||||||||||||||||
11 | Tobacco Settlement Bond Proceeds Account and (iii) the Tobacco | |||||||||||||||||||
12 | Settlement Residual Account. There shall be deposited into the | |||||||||||||||||||
13 | several accounts of the Tobacco Settlement Recovery Fund
and | |||||||||||||||||||
14 | the Attorney General Tobacco Fund all monies paid to the State | |||||||||||||||||||
15 | pursuant to (1) the Master Settlement Agreement
entered in the | |||||||||||||||||||
16 | case of People of the State of Illinois v. Philip Morris, et | |||||||||||||||||||
17 | al.
(Circuit Court of Cook County, No. 96-L13146) and (2) any | |||||||||||||||||||
18 | settlement with or
judgment against any tobacco product | |||||||||||||||||||
19 | manufacturer other than one participating
in the Master | |||||||||||||||||||
20 | Settlement Agreement in satisfaction of any released claim as
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21 | defined in the Master Settlement Agreement, as well as any | |||||||||||||||||||
22 | other monies as
provided by law. Moneys shall be deposited into
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23 | the Tobacco Settlement Bond Proceeds Account and the Tobacco |
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1 | Settlement Residual Account as provided by the terms of the | ||||||
2 | Railsplitter Tobacco Settlement Authority Act, provided that | ||||||
3 | an annual amount not less than $2,500,000, subject to | ||||||
4 | appropriation, shall be deposited into the Attorney General | ||||||
5 | Tobacco Fund for use only by the Attorney General's office. The | ||||||
6 | scheduled $2,500,000 deposit into the Tobacco Settlement | ||||||
7 | Residual Account for fiscal year 2011 should be transferred to | ||||||
8 | the Attorney General Tobacco Fund in fiscal year 2012 as soon | ||||||
9 | as this fund has been established. All other moneys available | ||||||
10 | to be deposited into the Tobacco Settlement Recovery Fund shall | ||||||
11 | be deposited into the General Account. An investment made from | ||||||
12 | moneys credited to a specific account constitutes part of that | ||||||
13 | account and such account shall be credited with all income from | ||||||
14 | the investment of such moneys. The Treasurer
may invest the | ||||||
15 | moneys in the several accounts the Fund in the same manner, in | ||||||
16 | the same types of
investments, and subject to the same | ||||||
17 | limitations provided in the Illinois
Pension Code for the | ||||||
18 | investment of pension funds other than those established
under | ||||||
19 | Article 3 or 4 of the Code. Notwithstanding the foregoing, to | ||||||
20 | the extent necessary to preserve the tax-exempt status of any | ||||||
21 | bonds issued pursuant to the Railsplitter Tobacco Settlement | ||||||
22 | Authority Act, the interest on which is intended to be | ||||||
23 | excludable from the gross income of the owners for federal | ||||||
24 | income tax purposes, moneys on deposit in the Tobacco | ||||||
25 | Settlement Bond Proceeds Account and the Tobacco Settlement | ||||||
26 | Residual Account may be invested in obligations the interest |
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1 | upon which is tax-exempt under the provisions of Section 103 of | ||||||
2 | the Internal Revenue Code of 1986, as now or hereafter amended, | ||||||
3 | or any successor code or provision.
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4 | (b) Moneys on deposit in the Tobacco Settlement Bond | ||||||
5 | Proceeds Account and the Tobacco Settlement Residual Account | ||||||
6 | may be expended, subject to appropriation, for the purposes | ||||||
7 | authorized in subsection (g) of Section 3-6 of the Railsplitter | ||||||
8 | Tobacco Settlement Authority Act. | ||||||
9 | (c) As soon as may be practical after June 30, 2001, upon | ||||||
10 | notification
from and at the direction of the Governor, the | ||||||
11 | State Comptroller shall direct
and the State Treasurer shall | ||||||
12 | transfer the unencumbered balance in the Tobacco
Settlement | ||||||
13 | Recovery Fund as of June 30, 2001, as determined by the | ||||||
14 | Governor,
into the Budget Stabilization Fund. The Treasurer may | ||||||
15 | invest the moneys in the
Budget Stabilization Fund in the same | ||||||
16 | manner, in the same types of investments,
and subject to the | ||||||
17 | same limitations provided in the Illinois Pension Code for
the | ||||||
18 | investment of pension funds other than those established under | ||||||
19 | Article 3 or
4 of the Code.
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20 | (d) All federal financial participation moneys received
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21 | pursuant to expenditures from the Fund shall be deposited into | ||||||
22 | the General Account.
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23 | (Source: P.A. 99-78, eff. 7-20-15.)
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