1998 Regular Session
By: Senator(s) Kirby, Johnson (19th)
Senate Bill 2089
AN ACT TO CREATE A TRUST FUND IN THE STATE TREASURY INTO WHICH ALL MONIES RECEIVED BY THE STATE ARISING OUT OF TOBACCO LITIGATION SHALL BE DEPOSITED; TO REQUIRE A TWO-THIRDS VOTE OF THE ELECTED MEMBERSHIP OF BOTH HOUSES OF THE LEGISLATURE FOR ANY APPROPRIATION OF THE PRINCIPAL OF THE TRUST FUND; TO REQUIRE THE LEGISLATIVE BUDGET OFFICE TO ANNUALLY RECOMMEND TO THE LEGISLATURE EXPENDITURES FOR THE INTEREST AND INCOME EARNED ON THE TRUST FUND; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. There is created within the State Treasury a special trust fund into which shall be deposited all monies received by the state, whether under settlement agreement or judgment rendered by a court of competent jurisdiction, arising from all present and future claims asserted by the Attorney General on behalf of the State of Mississippi and all of its governmental agencies, departments, political subdivisions and any other state-controlled public entities against tobacco manufacturers, distributors, trade firms and such other entities in the tobacco industry which are named defendants, presently or in the future, in litigation relating to the manufacturing, marketing, packaging, distribution and sale of tobacco products. The principal of the trust fund shall remain inviolate unless such monies are appropriated by the Legislature by a two-thirds (2/3) vote of the elected membership of each house of the Legislature. The principal shall be invested by the State Treasurer in the manner provided in Section 27-105-33.
Each year before December 1, the Legislative Budget Office shall recommend to the Legislature proposed expenditures for the interest earned on the trust fund and income derived from the investment of the principal of the trust fund for the next succeeding fiscal year. Any amounts of the interest and income derived from the investment of the principal of the trust fund which are not appropriated shall not lapse into the State General Fund at the end of the fiscal year but shall be deposited to the credit of the trust fund.
SECTION 2. This act shall take effect and be in force from and after July 1, 1998.