MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Public Health and Welfare; Appropriations

By: Representative Formby

AN ACT TO AMEND HOUSE BILL NO. 519, 1999 REGULAR SESSION, TO RENAME THE ACT AS THE "MISSISSIPPI TOBACCO TRUST FUND ACT OF 1999"; TO DELETE REFERENCE TO CREATION OF THE "HEALTH CARE TRUST FUND," TO CREATE "TOBACCO TRUST FUND" AND TO PROVIDE THAT MONIES FROM SETTLEMENT OF THE LAWSUIT AGAINST TOBACCO COMPANIES BY THE STATE OF MISSISSIPPI SHALL BE DEPOSITED IN THE STATE TREASURY INTO THE TOBACCO TRUST FUND; TO PROVIDE THAT INTEREST AND INCOME EARNED ON THE PRINCIPAL OF THE TRUST SHALL BE DEPOSITED INTO THE GENERAL FUND OF THE STATE TREASURY AND MAY BE EXPENDED, UPON LEGISLATIVE APPROPRIATION, IN SUCH MANNER AND FOR SUCH PURPOSES AS THE LEGISLATURE DEEMS APPROPRIATE; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. House Bill No. 519, 1999 Regular Session, is amended as follows:

Section 1. This act shall be known and may be cited as the "Mississippi Tobacco Trust Fund Act of 1999."

Section 2. When used in this act, the following definitions shall apply, unless the context requires otherwise:

(a) "Act" means the Mississippi Tobacco Trust Fund Act of 1999.

(b) "Tobacco Trust Fund" means the trust fund established by Section 3 of this act for the deposit of the monies received by the State of Mississippi as a result of the tobacco settlement * * *.

(c) "Tobacco settlement" means the settlement of the case of Mike Moore, Attorney General ex rel. State of Mississippi v. The American Tobacco Company et al. (Chancery Court of Jackson County, Mississippi, Cause No. 94-1429) and the settlement of any case brought against tobacco companies by another state.

Section 3. * * * There is established in the State Treasury the Tobacco Trust Fund, into which shall be deposited all monies that are received by the State of Mississippi as a result of the tobacco settlement for which the use or purpose for expenditure is not restricted by the terms of the settlement. The principal of the Tobacco Trust Fund shall remain inviolate and shall never be expended. All interest and income earned on the principal shall be deposited by the State Treasurer in the State General Fund and may be expended, upon legislative appropriation in such manner and for such purposes as the legislature deems appropriate.

 * * *

Section 4. (1) The State Treasurer shall invest the monies of the Tobacco Trust Fund in any of the investments authorized for the Mississippi Prepaid Affordable College Tuition Program under Section 37-155-9, and those investments shall be subject to the limitations prescribed by Section 37-155-9.

(2) All interest derived from investments and any gains from the sale or exchange of investments shall be credited to the State General Fund.

Section 5. This act shall take effect and be in force from and after its passage.

SECTION 2. This act shall take effect and be in force from and after its passage.