Senate Concurrent Resolution 550

A CONCURRENT RESOLUTION PROPOSING AN AMENDMENT TO THE MISSISSIPPI CONSTITUTION OF 1890 TO ADD A NEW SECTION, TO BE DESIGNATED AS SECTION ____ , TO PROVIDE THAT ALL FUNDS RECEIVED AS A RESULT OF THE SETTLEMENT OF A CERTAIN LAWSUIT BROUGHT AGAINST THE TOBACCO COMPANIES BY THE STATE OF MISSISSIPPI AS DIRECTED BY COURT ORDER, OR AS A RESULT ANY SETTLEMENT OF ANY LAWSUIT BROUGHT AGAINST THE TOBACCO COMPANIES BY ANOTHER STATE, SHALL BE PLACED IN A TRUST FUND AND SHALL REMAIN INVIOLATE AND SHALL NOT BE APPROPRIATED BY THE LEGISLATURE; TO PROVIDE THAT THE LEGISLATURE MAY PASS LAWS GOVERNING THE INVESTMENT OF SUCH FUNDS; TO PROVIDE THAT THE INVESTMENT EARNINGS MAY BE PLACED IN AN EXPENDABLE FUND AND SUBJECT TO APPROPRIATION BY THE LEGISLATURE EXCLUSIVELY FOR HEALTH CARE RELATED BUDGET EXPENSES; AND FOR RELATED PURPOSES.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI, That the following amendment to the Mississippi Constitution of 1890 is proposed to the qualified electors of the state:

Amend the Mississippi Constitution of 1890 to create a new Section ____ to read as follows:

All funds received by the State of Mississippi as directed by court order from the tobacco companies in settlement of a certain lawsuit brought against those companies by the State of Mississippi, or as a result of the settlement of any lawsuit brought against tobacco companies by another state, shall be placed in a trust fund and shall remain inviolate and shall not be appropriated by the Legislature. The Legislature may pass laws governing the investment of the funds in such trust fund and such earnings from such investments each year may be placed in an expendable fund and may be subject to appropriation by the Legislature for the exclusive purpose of health care related budget purposes.

BE IT RESOLVED, That this amendment shall be submitted to the qualified electors at an election held on the first Tuesday after the first the Monday of November 2002, as provided by Section 273 of the Constitution and by law.

BE IT FURTHER RESOLVED, That the explanation of this amendment for the ballot shall read as follows: "This proposed amendment places all funds received as a result of the state's tobacco settlement in a trust fund which shall remain inviolate and not subject to legislative appropriation. The amendment also provides that the Legislature may pass laws governing the investment of such fund which the earnings of such investment may be placed in another fund which may be appropriated only for health care related budget expenses."