Bill Text: IL HB1242 | 2021-2022 | 102nd 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.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2021-04-23 - Rule 19(a) / Re-referred to Rules Committee [HB1242 Detail]

Download: Illinois-2021-HB1242-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB1242 Introduced , by Rep. Emanuel Chris Welch 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 and the Attorney General Tobacco 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

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and the Tobacco Settlement Residual 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 Attorney
General Tobacco Fund for use only by the Attorney General's
office. The scheduled $2,500,000 deposit into the Tobacco
Settlement Residual Account for fiscal year 2011 should be
transferred to the Attorney General Tobacco Fund in fiscal
year 2012 as soon as this fund has been established. 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

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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.
(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 subsection (g) of Section 3-6 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. 99-78, eff. 7-20-15.)