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H.B. 451

             1     

TOBACCO SETTLEMENT FUNDS AMENDMENT

             2     
2011 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: David Litvack

             5     
Senate Sponsor: Lyle W. Hillyard

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill changes the deposit of 40% of tobacco settlement funds from the permanent
             10      state trust fund to the General Fund.
             11      Highlighted Provisions:
             12          This bill:
             13          .    diverts 40% of tobacco settlement funds from the permanent state trust fund to the
             14      General Fund.
             15      Money Appropriated in this Bill:
             16          None
             17      Other Special Clauses:
             18          None
             19      Utah Code Sections Affected:
             20      AMENDS:
             21          51-9-202, as last amended by Laws of Utah 2010, Chapters 219 and 413
             22     
             23      Be it enacted by the Legislature of the state of Utah:
             24          Section 1. Section 51-9-202 is amended to read:
             25           51-9-202. Permanent state trust fund.
             26          (1) Until July 1, 2003, 50% of all funds of every kind that are received by the state that
             27      are related to the settlement agreement that the state entered into with leading tobacco


             28      manufacturers on November 23, 1998, shall be deposited into the permanent state trust fund
             29      created by and operated under Utah Constitution Article XXII, Section 4.
             30          (2) On and after July 1, 2003 and until July 1, 2004 20% of the funds of any kind
             31      received by the state that are related to the settlement agreement that the state entered into with
             32      leading tobacco manufacturers shall be deposited into the permanent state trust fund created by
             33      and operated under Utah Constitution Article XXII, Section 4.
             34          (3) On and after July 1, 2004 and until July 1, 2005, 30% of all funds of any kind
             35      received by the state that are related to the settlement agreement that the state entered into with
             36      leading tobacco manufacturers shall be deposited into the General Fund Budget Reserve
             37      Account created in Section 63J-1-312 .
             38          (4) On and after July 1, 2005 and until July 1, 2007, 25% of all funds of any kind
             39      received by the state that are related to the settlement agreement that the state entered into with
             40      leading tobacco manufacturers shall be deposited into the permanent state trust fund created by
             41      and operated under Utah Constitution Article XXII, Section 4.
             42          (5) On and after July 1, 2007, 40% of all funds of every kind that are received by the
             43      state that are related to the settlement agreement that the state entered into with leading tobacco
             44      manufacturers on November 23, 1998, shall be deposited into the [permanent state trust fund
             45      created by and operated under Utah Constitution Article XXII, Section 4. Notwithstanding the
             46      direction in this Subsection (5), for fiscal year 2011, the first $11,350,900 shall be deposited in
             47      the] General Fund and the remaining funds deposited as directed.
             48          (6) Funds in the permanent state trust fund shall be deposited or invested pursuant to
             49      Section 51-7-12.1 .
             50          (7) (a) In accordance with Utah Constitution Article XXII, Section 4, the interest and
             51      dividends earned annually from the permanent state trust fund shall be deposited in the General
             52      Fund. There shall be transferred on an ongoing basis from the General Fund to the permanent
             53      state trust fund created under Utah Constitution Article XXII, Section 4, an amount equal to
             54      50% of the interest and dividends earned annually from the permanent state trust fund. The
             55      amount transferred into the fund under this Subsection (7)(a) shall be treated as principal.
             56          (b) Any annual interest or dividends earned from the permanent state trust fund that
             57      remain in the General Fund after Subsection (7)(a) may be appropriated by the Legislature.
             58          (c) Any realized or unrealized gains or losses on investments in the permanent state


             59      trust fund shall remain in the permanent state trust fund.
             60          (8) This section does not apply to funds deposited under Chapter 9, Part 3,
             61      Infrastructure and Economic Diversification Investment Account and Deposit of Certain
             62      Severance Taxes into Permanent State Trust Fund Act, into the permanent state trust fund.




Legislative Review Note
    as of 2-25-11 9:01 AM


Office of Legislative Research and General Counsel


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