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Second Substitute S.B. 15

Senator L. Steven Poulton proposes to substitute the following bill:


             1     
USE OF TOBACCO SETTLEMENT REVENUES

             2     
2000 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Sponsor: L. Steven Poulton

             5      AN ACT RELATING TO THE TOBACCO SETTLEMENT ACCOUNT; CREATING THE
             6      TOBACCO SETTLEMENT ENDOWMENT AND RENAMING THE TOBACCO
             7      SETTLEMENT ACCOUNT; APPORTIONING TOBACCO SETTLEMENT FUNDS BETWEEN
             8      THE ACCOUNT AND THE ENDOWMENT; REQUIRING THAT FUNDS IN THE TOBACCO
             9      SETTLEMENT RESTRICTED ACCOUNT BE ALLOCATED EACH YEAR IN THE
             10      FOLLOWING ORDER: $5,500,000 FOR THE CHILDREN'S HEALTH INSURANCE
             11      PROGRAM, S [ $4,000,000 ] $3,000,000 s FOR TOBACCO S AND SUBSTANCE ABUSE s
             11a      PREVENTION, S [ $2,000,000 ] $3,000,000 s FOR THE DRUG
             12      COURT PROGRAM, AND $4,000,000 FOR THE UNIVERSITY OF UTAH HEALTH
             13      SCIENCES CENTER; IMPOSING AN ANNUAL REPORTING REQUIREMENT; DIRECTING
             14      THE APPROPRIATION OF FUNDS FOR FISCAL YEAR 2000-01; REPEALING THE
             15      HOSPITAL PROVIDER ASSESSMENT; PROVIDING AN EFFECTIVE DATE; AND
             16      PROVIDING A COORDINATING CLAUSE TO ALLOCATE TOBACCO SETTLEMENT
             17      FUNDS TO A CONSTITUTIONALLY CREATED TRUST FUND.
             18      This act affects sections of Utah Code Annotated 1953 as follows:
             19      AMENDS:
             20          26-40-102, as enacted by Chapter 360, Laws of Utah 1998
             21          26-40-103, as last amended by Chapters 21 and 61, Laws of Utah 1999
             22          63-97-101, as enacted by Chapter 78, Laws of Utah 1999
             23      ENACTS:
             23a          S 52-7-12.1, UTAH CODE ANNOTATED 1953 s
             24          63-97-301, Utah Code Annotated 1953
             25      RENUMBERS AND AMENDS:


             26          63-97-201, (Renumbered from 63-97-102, as enacted by Chapter 78, Laws of Utah 1999)
             27      REPEALS:
             28          26-40-111, as enacted by Chapter 360, Laws of Utah 1998
             29          26-40-112, as last amended by Chapter 78, Laws of Utah 1999
             30          26-40-113, as enacted by Chapter 360, Laws of Utah 1998
             31          26-40-114, as enacted by Chapter 360, Laws of Utah 1998
             32      Be it enacted by the Legislature of the state of Utah:
             33          Section 1. Section 26-40-102 is amended to read:
             34           26-40-102. Definitions.
             35          As used in this chapter:
             36          [(1) "Assessment" means the hospital provider assessment established in Section
             37      26-40-111 .]
             38          [(2)] (1) "Child" means a person who is under 19 years of age.
             39          [(3)] (2) "Eligible child" means a child who qualifies for enrollment in the program as
             40      provided in Section 26-40-105 .
             41          [(4)] (3) "Enrollee" means any child enrolled in the program.
             42          [(5) "Freestanding ambulatory surgical facility" means an urban or rural nonhospital-based
             43      or nonhospital-affiliated licensed facility, as defined in Section 26-21-2 , as an ambulatory surgical
             44      facility, with an organized professional staff that provides surgical services to patients who do not
             45      require an inpatient bed.]
             46          [(6) (a) "Hospital" means any general acute hospital, as defined in Section 26-21-2 ,
             47      operating in this state.]
             48          [(b) "Hospital" does not include:]
             49          [(i) a residential care or treatment facility, as defined in Subsections 62A-2-101 (16), (17),
             50      and (19);]
             51          [(ii) the Utah State Hospital;]
             52          [(iii) any rural hospital that operates outside of a metropolitan statistical area, a
             53      metropolitan area, or an urbanized area as designated by the U.S. Bureau of Census; or]
             54          [(iv) any specialty hospital operating in this state, as defined in Section 26-21-2 , that is
             55      engaged exclusively in rendering psychiatric or other mental health treatment.]
             56          [(7) "Hospital-based ambulatory surgical facility" means an urban or rural on-hospital


             57      campus or hospital-affiliated licensed facility with an organized professional staff that provides
             58      surgical services to patients who do not require an inpatient bed.]
             59          [(8)] (4) "Plan" means the department's plan submitted to the United States Department
             60      of Health and Human Services pursuant to 42 U.S.C. Sec. 1397ff.
             61          [(9)] (5) "Program" means the Utah Children's Health Insurance Program created by this
             62      chapter.
             63          Section 2. Section 26-40-103 is amended to read:
             64           26-40-103. Creation and administration of the Utah Children's Health Insurance
             65      Program.
             66          (1) There is created the Utah Children's Health Insurance Program to be administered by
             67      the department in accordance with the provisions of:
             68          (a) this chapter; and
             69          (b) the State Children's Health Insurance Program, 42 U.S.C. Sec. 1397aa et seq.
             70          (2) The department shall:
             71          (a) prepare and submit the state's children's health insurance plan before May 1, 1998, and
             72      any amendments to the federal Department of Health and Human Services in accordance with 42
             73      U.S.C. Sec. 1397ff; and
             74          (b) make rules in accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking
             75      Act regarding:
             76          (i) eligibility requirements consistent with Subsection 26-18-3 (6);
             77          (ii) program benefits;
             78          (iii) the level of coverage for each program benefit;
             79          (iv) cost-sharing requirements for enrollees, which may not:
             80          (A) exceed the guidelines set forth in 42 U.S.C. Sec. 1397ee; or
             81          (B) impose deductible, copayment, or coinsurance requirements on an enrollee for
             82      well-child, well-baby, and immunizations; and
             83          (v) the administration of the program[; and].
             84          [(vi) the provider assessment, including:]
             85          [(A) the factor for the assessment;]
             86          [(B) the administration, collection, and enforcement of the assessment, including:]
             87          [(I) auditing a provider's records; and]


             88          [(II) imposing penalties for failure to pay the assessment as required; and]
             89          [(C) reducing the amount of the assessment to the extent funds are deposited into the
             90      Hospital Provider Assessment Account created in Section 26-40-112 as a result of private
             91      contributions to the program.]
             92          (3) Before July 1, 2001, the Governor's Office of Planning and Budget shall study the
             93      effectiveness of the department's administration of the program and report any findings to:
             94          (a) the Health and Human Services Interim Committee of the Legislature;
             95          (b) the Health Policy Commission; and
             96          (c) the department.
             96a          S Section 3. Section 51-7-12.1 is enacted to read:
             96b          51-7-12.1. Deposit or investment of Tobacco Settlement Endowment -- Authorized deposits
             96c      and investment -- Asset manager.
             96d          (1) NOTWITHSTANDING THE REQUIREMENTS OF SECTION 51-7-11, MONIES IN THE
             96e      TOBACCO SETTLEMENT ENDOWMENT ESTABLISHED BY SECTION 63-97-301 SHALL BE
             96f      DEPOSITED OR INVESTED ONLY IN THE FOLLOWING:
             96g          (a) ANY DEPOSIT OR INVESTMENT AUTHORIZED BY SECTION 51-7-11;
             96h          (b) EQUITY SECURITIES, INCLUDING COMMON AND PREFERRED STOCK ISSUED BY
             96i      CORPORATIONS LISTED ON A MAJOR SECURITIES EXCHANGE, IN ACCORDANCE WITH THE
             96j      FOLLOWING CRITERIA APPLIED AT THE TIME OF INVESTMENT:
             96k          (i) THE TREASURER MAY NOT INVEST MORE THAN 5%, DETERMINED ON A COST BASIS, OF
             96l      THE TOTAL ENDOWMENT ASSETS IN THE SECURITIES OF ANY ONE ISSUER;
             96m          (ii) THE TREASURER MAY NOT INVEST MORE THAN 25%, DETERMINED ON A COST BASIS,
             96n      OF THE TOTAL ENDOWMENT ASSETS IN A PARTICULAR INDUSTRY;
             96o          (iii) THE TREASURER MAY NOT INVEST MORE THAN 5%, DETERMINED ON A COST BASIS,
             96p      OF THE TOTAL ENDOWMENT ASSETS IN SECURITIES OF CORPORATIONS THAT HAVE BEEN IN
             96q      CONTINUOUS OPERATION FOR LESS THAN THREE YEARS;
             96r          (iv) THE ENDOWMENT MAY NOT HOLD IN EXCESS OF 5% OF THE OUTSTANDING VOTING
             96s      SECURITIES OF ANY ONE CORPORATION; AND
             96t          (v) AT LEAST 75% OF THE CORPORATIONS IN WHICH INVESTMENTS ARE MADE UNDER
             96u      SUBSECTION (1)(b) MUST APPEAR ON THE STANDARD AND POOR'S 500 COMPOSITE STOCK PRICE
             96v      INDEX;
             96w          (c) FIXED-INCOME SECURITIES, INCLUDING BONDS, NOTES MORTGAGE SECURITIES, ZERO
             96x      COUPON SECURITIES, AND CONVERTIBLE SECURITIES ISSUED BY DOMESTIC CORPORATIONS
             96y      RATED A OR HIGHER BY MOODY'S INVESTOR'S SERVICE, INC. OR BY STANDARD AND POOR'S
             96z      CORPORATION IN ACCORDANCE WITH THE FOLLOWING CRITERIA APPLIED AT THE TIME OF
             96aa      INVESTMENT:
             96ab          (i) THE TREASURER MAY NOT INVEST MORE THAN 5%, DETERMINED ON A COST BASIS, OF
             96ac      THE TOTAL ENDOWMENT ASSETS IN THE SECURITIES OF ANY ONE ISSUER;
             96ad          (ii) THE TREASURER MAY NOT INVEST MORE THAN 25%, DETERMINED ON A COST


             96ae      BASIS, OF THE TOTAL ENDOWMENT ASSETS IN A PARTICULAR INDUSTRY;
             96af          (iii) THE TREASURER MAY NOT INVEST MORE THAN 5%, DETERMINED ON A COST BASIS,
             96ag      OF THE TOTAL FUND ASSETS IN THE SECURITIES OF CORPORATIONS THAT HAVE BEEN IN
             96ah      CONTINUOUS OPERATION FOR LESS THAN THREE YEARS; AND
             96ai          (iv) THE DOLLAR-WEIGHTED AVERAGE MATURITY OF FIXED-INCOME SECURITIES
             96aj      ACQUIRED UNDER SUBSECTION (1)(c), MAY NOT EXCEED TEN YEARS;
             96ak          (d) FIXED-INCOME SECURITIES ISSUED BY AGENCIES OF THE UNITED STATES AND
             96al      GOVERNMENT-SPONSORED ORGANIZATIONS, INCLUDING MORTGAGE-BACKED PASS-THROUGH
             96am      CERTIFICATES AND MORTGAGE-BACKED BONDS;
             96an          (e) SHARES OF AN OPEN-END DIVERSIFIED MANAGEMENT INVESTMENT COMPANY
             96ao      ESTABLISHED UNDER THE INVESTMENT COMPANIES ACT OF 1940; AND
             96ap          (f) SHARES OF OR DEPOSITS IN A POOLED-INVESTMENT PROGRAM.
             96aq          (2) (a) NO MORE THAN 65% OF THE TOTAL FUND ASSETS OF ANY OF THIS ENDOWMENT,
             96ar      ON A COST BASIS, MAY BE INVESTED IN COMMON OR PREFERRED STOCKS AT ANY ONE TIME.
             96as          (b) AT LEAST 35% OF THE TOTAL ASSETS OF THIS ENDOWMENT SHALL BE INVESTED IN
             96at      FIXED-INCOME SECURITIES AUTHORIZED BY SUBSECTIONS (1)(a), (c), AND (d).
             96au          (3) THE TREASURER SHALL USE APPROPRIATE INVESTMENT STRATEGIES TO PROTECT
             96av      THE PRINCIPAL OF THE ENDOWMENT ADMINISTERED UNDER THIS SECTION DURING PERIODS OF
             96aw      FINANCIAL MARKET VOLATILITY.
             96ax          (4) (a) THE TREASURER MAY EMPLOY PROFESSIONAL ASSET MANAGERS TO ASSIST IN
             96ay      THE INVESTMENT OF ASSETS OF THE ENDOWMENT.
             96az          (b) THE TREASURER MAY PROVIDE COMPENSATION TO ASSET MANAGERS FROM
             96ba      EARNINGS GENERATED BY THE FUNDS' INVESTMENTS.
             96bb          (5) THE COUNCIL SHALL GIVE SUGGESTIONS, ADVICE, AND OPINIONS TO THE TREASURER
             96bc      IN REGARD TO THIS SECTION. s
             97          Section S [ 3 ] 4 s . Section 63-97-101 is amended to read:
             98     
CHAPTER 97. TOBACCO SETTLEMENT FUNDS

             99           63-97-101. Title.
             100          This chapter is known as the "Tobacco Settlement [Account] Funds."
             101          Section S [ 4 ] 5 s . Section 63-97-201 , which is renumbered from Section 63-97-102 is
             101a      renumbered
             102      and amended to read:
             103     
Part 2. Tobacco Settlement Restricted Account

             104           [63-97-102].     63-97-201. Creation of Tobacco Settlement Restricted Account.
             105          (1) There is created within the General Fund a restricted account known as the Tobacco
             106      Settlement Restricted Account.
             107          (2) The account shall earn interest.
             108          [(2)] (3) The account shall consist of:


             109          (a) until July 1, 2003, 50% of all funds of every kind that are received by the state that are
             110      related to the settlement agreement that the state entered into with leading tobacco manufacturers
             111      on November 23, 1998[.];
             112          [(3) Funds in the account may only be used as directed by the Legislature through
             113      appropriation.]
             114          (b) on and after July 1, 2003, 40% of all funds of every kind that are received by the state
             115      that are related to the settlement agreement that the state entered into with leading tobacco
             116      manufacturers on November 23, 1998; and
             117          (c) interest earned on the account.
             118          (4) To the extent that funds will be available for appropriation in a given fiscal year, those


             119      funds shall be appropriated from the account in the following order:
             120          (a) $5,500,000 to the Department of Health for the Children's Health Insurance Program
             121      created in Section 26-40-103 ;
             122          (b) S [ $4,000,000 ] $2,000,000 s to the Department of Health for S [ tobacco ] ALCOHOL,
             122a      TOBACCO, AND OTHER DRUG s prevention, reduction, cessation,
             123      and control programs that promote S [ a unified message ] UNIFIED MESSAGES s and make use of
             123a      media outlets S , INCLUDING BUT NOT LIMITED TO RADIO, NEWSPAPER, BILLBOARDS AND
             123b      TELEVISION, WITH A PREFERENCE IN FUNDING GIVEN TO TOBACCO-RELATED PROGRAMS s ;
             123c          S (c) $1,000,000 TO THE DEPARTMENT OF HEALTH TO BE DISTRIBUTED TO LOCAL HEALTH
             123d      DEPARTMENTS TO CONTINUE TOBACCO PREVENTION, REDUCTION, CESSATION, AND CONTROL
             123e      PROGRAMS; s
             124          
S [(c)] (d) s S [$300,000] $297,600 s to the Administrative Office of the Courts and
             124a      S [ $1,700,000] $1,991,300 s to the Department
             125      of Human Services for the statewide expansion of the drug court program;

             125a           S (e) $77,400 TO THE BOARD OF PARDONS, $108,700 TO THE DEPARTMENT OF
             125b      CORRECTIONS, AND $525,000 TO THE DEPARTMENT OF HUMAN SERVICE FOR A DRUG BOARD
             125c      PILOT PROGRAM; s
             126           S [ (d) ] (f) s $4,000,000 to the State Board of Regents for the University of Utah Health
             126a      Sciences
             127      Center to benefit the health and well-being of Utah citizens through in-state research, treatment,
             128      and educational activities; and
             129           S [ (e) ] (g) s any remaining funds as directed by the Legislature through appropriation.
             129a          S (5)(a) IF TOBACCO FUNDS IN DISPUTE FOR ATTORNEYS FEES ARE RECEIVED BY THE
             129b      STATE, THOSE FUNDS SHALL BE DIVIDED AND DEPOSITED IN ACCORDANCE WITH SUBSECTION
             129c      (3) AND SECTION 63-97-301.
             129d          (b) THE AMOUNT APPROPRIATED TO THE DEPARTMENT OF HEALTH FOR ALCOHOL,
             129e      TOBACCO, AND OTHER DRUG PROGRAMS DESCRIBED IN SUBSECTION (4)(b), INCLUDING THE
             129f      FUNDING PREFERENCE FOR TOBACCO-RELATED PROGRAMS, SHALL BE INCREASED BY UP TO
             129g      $2,000,000 IN A GIVEN FISCAL YEAR TO THE EXTENT THAT FUNDS IN DISPUTE FOR ATTORNEYS
             129h      FEES ARE AVAILABLE TO THE STATE FOR APPROPRIATION FROM THE ACCOUNT. s
             130           S [ (5) ] (6) s Each state agency identified in Subsection (4) shall provide an annual report on
             130a      the
             131      program and activities funded under Subsection (4) to:
             132          (a) the Health and Human Services Interim Committee no later than September 1; and
             133          (b) the Health and Human Services Joint Appropriations Subcommittee.
             134          Section 5. Section 63-97-301 is enacted to read:


             135     
Part 3. Tobacco Settlement Endowment.

             136          63-97-301. Tobacco Settlement Endowment.
             137          (1) There is created within the General Fund a restricted account known as the Tobacco
             138      Settlement Endowment.
             139           S [ (2) The account shall earn interest. ] (2) MONIES IN THE ACCOUNT SHALL BE DEPOSITED OR INVESTED PURSUANT TO SECTION 51-7-12.1. s
             140          (3) The account shall consist of:
             141          (a) until July 1, 2003, 50% of all funds of every kind that are received by the state that are
             142      related to the settlement agreement that the state entered into with leading tobacco manufacturers
             143      on November 23, 1998;
             144          (b) on and after July 1, 2003, 60% of all funds of every kind that are received by the state
             145      that are related to the settlement agreement that the state entered into with leading tobacco
             146      manufacturers on November 23, 1998; S [and
             147          (c) interest earned on the account.
             148          (4) Tobacco settlement funds deposited into the account pursuant to Subsection (3)(a) may
             149      not be appropriated for any purpose, but shall remain in the account for the purpose of earning


             150      interest to be appropriated in accordance with Subsection (5).
             151          (5) Interest earned on the account may be appropriated by the Legislature.
]

             151a           (c) CAPITAL GAINS ON ASSETS IN THE ACCOUNT; AND
             151b          (d) INTEREST AND DIVIDENDS EARNED ON INVESTMENTS.
             151c          (4) TOBACCO SETTLEMENT FUNDS AND CAPITAL GAINS IN THE ACCOUNT PURSUANT TO
             151d      SUBSECTIONS (3)(a), (b), AND (c) SHALL BE TREATED AS PRINCIPAL AND MAY NOT BE
             151e      APPROPRIATED FOR ANY PURPOSE, BUT SHALL REMAIN IN THE ACCOUNT FOR THE PURPOSE OF
             151f      EARNING INTEREST AND DIVIDENDS TO BE APPROPRIATED IN ACCORDANCE WITH SUBSECTION
             151g      (5).
             151h          (5) INTEREST AND DIVIDENDS EARNED ON THE ACCOUNT MAY ONLY BE USED AS
             151i      DIRECTED BY THE LEGISLATURE THROUGH APPROPRIATION.
             151j          (6)(a) FIFTY PERCENT OF THE INTEREST EARNED ANNUALLY ON THE ACCOUNT SHALL
             151k      REMAIN IN THE ACCOUNT AND BE INVESTED AND TREATED AS PRINCIPAL.
             151l          (b) ANY ANNUAL INTEREST EARNED ON THE ACCOUNT THAT REMAINS AFTER
             151m      SUBSECTION (6)(a) MAY BE APPROPRIATED BY THE LEGISLATURE. s
             152          Section S [ 6 ] 7 s . Repealer.
             153          This act repeals:
             154          Section 26-40-111, Provider assessment.
             155          Section 26-40-112, Hospital Provider Assessment Account.
             156          Section 26-40-113, Intergovernmental transfers.
             157          Section 26-40-114, Repeal of assessment.
             158          Section S [ 7 ] 8 s . Appropriation.
             159          (1) Fifty percent of the tobacco settlement funds in the Tobacco Settlement Account
             160      created by Section 63-97-201 as of June 30, 2000, shall be deposited into the Tobacco Settlement
             161      Endowment created by Section 63-97-301 on July 1, 2000.

             162          (2) Funds remaining in the Tobacco Settlement Account after Subsection (1) are
             163      appropriated for fiscal year 2000-01 in the following order:

             164          (a) $5,500,000 to the Department of Health for the Children's Health Insurance Program;
             165          (b) S [$4,000,000] $2,000,000 s to the Department of Health for S [tobacco] ALCOHOL,
             165a      TOBACCO, AND OTHER DRUG s prevention, reduction, cessation,
             166      and control programs as described in Section 63-97-201 S , INCLUDING THE FUNDING
             166a      PREFERENCE FOR TOBACCO-RELATED PROGRAMS s ;
             166b           S (c) $1,000,000 TO THE DEPARTMENT OF HEALTH TO BE DISTRIBUTED TO LOCAL HEALTH
             166c      DEPARTMENTS TO CONTINUE TOBACCO PREVENTION, REDUCTION, CESSATION, AND CONTROL
             166d      PROGRAMS; s
             167           S [ (c) ] (d) s S [ $300,000 ] $297,600 s to the Administrative Office of the Courts and


             167a      S [ $1,700,000 ] $1,991,300 s to the Department
             168      of Human Services for the drug court program as provided in Section 63-97-201 ; S [ and ]
             168a           (e) $77,400 TO THE BOARD OF PARDONS, $108,700 TO THE DEPARTMENT OF
             168b      CORRECTIONS, AND $525,000 TO THE DEPARTMENT OF HUMAN SERVICE FOR A DRUG BOARD
             168c      PILOT PROGRAM; AND s
             169          
S [ (d) ] (f) s $4,000,000 to the State Board of Regents for the University of Utah Health
             169a      Sciences
             170      Center as provided in Section 63-97-201 .
             170a          S (3) IF TOBACCO FUNDS IN DISPUTE FOR ATTORNEYS FEES ARE RECEIVED BY THE
             170b      STATE DURING FISCAL YEAR 2000-01:
             170c          (a) THOSE FUNDS SHALL BE DIVIDED AND DEPOSITED IN ACCORDANCE WITH SECTION
             170d      63-97-201 AND 63-97-301; AND
             170e          (b) THE AMOUNT APPROPRIATED TO THE DEPARTMENT OF HEALTH FOR ALCOHOL,
             170f      TOBACCO, AND OTHER DRUG PROGRAMS DESCRIBED IN SUBSECTION (2)(b), INCLUDING THE
             170g      FUNDING PREFERENCE FOR TOBACCO-RELATED PROGRAMS, SHALL BE INCREASED BY UP TO
             170h      $2,000,000 TO THE EXTENT THAT FUNDS IN DISPUTE FOR ATTORNEYS FEES ARE AVAILABLE TO
             170i      THE STATE FOR APPROPRIATION FROM THE ACCOUNT CREATED BY SECTION 63-97-201. s
             171           S [ (3) ] (4) s It is the intent of the Legislature that funds deposited into the Tobacco
             171a      Settlement
             172      Account after July 1, 2000, and before July 1, 2001, may be used, as they become available, if
             173      necessary for the appropriation in Subsection (2).
             174           S [ (4) ] (5) s The appropriation in this section is the only appropriation that may be made for
             175      tobacco settlement funds for fiscal year 2000-01.
             176           S [ (5) ] (6) s Any funds remaining in the Hospital Providers Assessment Account as of June
             176a      30,
             177      2000, shall lapse into the General Fund.
             178          Section S [ 8 ] 9 s . Effective date.
             179          This act takes effect on July 1, 2000.
             180          Section S [ 9 ] 10 s . Coordination clause.
             180a           S (1) IF THIS BILL AND H.B. 390, ENDOWMENT FUND FOR TOBACCO SETTLEMENT MONIES,
             180b      BOTH PASS IT IS THE INTENT OF THE LEGISLATURE THAT:
             180c          (a) THE AMENDMENTS TO SECTION 51-7-12.1 IN H.B. 390 SUPERCEDE THE AMENDMENTS
             180d      TO SECTION 51-7-12.1 IN THIS BILL AND THAT THE REFERENCE TO "SECTION 63-97-102" IN
             180e      SECTION 51-7-12.1 IN H.B. 390 BE AMENDED TO READ "63-97-102".
             180f          (b) THE RENUMBERING AND AMENDMENTS TO SECTION 63-97-102 IN THIS BILL
             180g      SUPERCEDE THE AMENDMENTS TO SECTION 63-97-102 IN H.B. 390. s


             181           S [ If ] (2) IF s this bill passes and if S.J.R.14, Resolution Creating Constitutional Trust Fund,
             181a      passes
             182      the Legislature and is approved by a majority of those voting at the next general election and thus
             183      becomes effective on January 1, 2001, it is the intent of the Legislature that effective as of January
             184      1, 2001:
             185           S [ (1) ] (a) s Section 63-97-301 be repealed and reenacted to read as follows:
             186          "63-97-301. Permanent state trust fund.
             187          (1) Until July 1, 2003, 50% of all funds of every kind that are received by the state that are
             188      related to the settlement agreement that the state entered into with leading tobacco manufacturers
             189      on November 23, 1998, shall be deposited into the permanent state trust fund created by and
             190      operated under Utah Constitution Article XXII, Section 4.
             191          (2) On and after July 1, 2003, 60% of all funds of every kind that are received by the state
             192      that are related to the settlement agreement that the state entered into with leading tobacco
             193      manufacturers on November 23, 1998, shall be deposited into the permanent state trust fund
             194      created by and operated under Utah Constitution Article XXII, Section 4.
             194a           S ( 3) FUNDS IN THE PERMANENT STATE TRUST FUND SHALL BE DEPOSITED OR INVESTED
             194b      PURSUANT TO SECTION 51-7-12.1. "
             194c           (b) THE REFERENCE TO "THE TOBACCO SETTLEMENT ENDOWMENT ESTABLISHED BY
             194d      SECTION 63-97-301" IN SUBSECTION 51-7-12.1(1) BE AMENDED TO READ "THE PERMANENT STATE
             194e      TRUST FUND CREATED BY AND OPERATED UNDER UTAH CONSTITUTION ARTICLE XXII, SECTION
             194f      4 ". s
             195           S [ (2) ] (c) s Any and all funds in the Tobacco Settlement Endowment created in Section
             195a      S [ 5 ] 6 s of this
             196      bill shall be deposited into the permanent state trust fund created by and operated under Utah
             197      Constitution Article XXII, Section 4.
             198           S [ (3) ] (d) s The Office of Legislative Research and General Counsel shall prepare the
             198a      database for
             199      publication to reflect the statutory changes in S [ Subsection (1) ] SUBSECTIONS (2)(a) AND (b) s .


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