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First Substitute S.B. 81

Senator Allen M. Christensen proposes the following substitute bill:


             1     
PERMANENT STATE TRUST FUND AMENDMENTS

             2     
2014 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Allen M. Christensen

             5     
House Sponsor: Ronda Rudd Menlove

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill modifies the Public Funds and Accounts code by amending provisions relating
             10      to the permanent state trust fund.
             11      Highlighted Provisions:
             12          This bill:
             13          .    repeals the requirement that a portion of the amount of interest and dividends earned
             14      annually from the permanent state trust fund be transferred on an ongoing basis
             15      from the General Fund to the permanent state trust fund;
             16          .    repeals the requirement that the amount transferred into the permanent state trust
             17      fund be treated as principal; and
             18          .    makes conforming and technical changes.
             19      Money Appropriated in this Bill:
             20          None
             21      Other Special Clauses:
             22          None
             23      Utah Code Sections Affected:
             24      AMENDS:
             25           51-9-202 , as last amended by Laws of Utah 2013, Chapter 211


             26     
             27      Be it enacted by the Legislature of the state of Utah:
             28          Section 1. Section 51-9-202 is amended to read:
             29           51-9-202. Permanent state trust fund.
             30          (1) Until July 1, 2003, 50% of all funds of every kind that are received by the state that
             31      are related to the settlement agreement that the state entered into with leading tobacco
             32      manufacturers on November 23, 1998, shall be deposited into the permanent state trust fund
             33      created by and operated under Utah Constitution Article XXII, Section 4.
             34          (2) On and after July 1, 2003 and until July 1, 2004 20% of the 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 permanent state trust fund created by
             37      and operated under Utah Constitution Article XXII, Section 4.
             38          (3) On and after July 1, 2004 and until July 1, 2005, 30% 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 General Fund Budget Reserve
             41      Account created in Section 63J-1-312 .
             42          (4) On and after July 1, 2005 and until July 1, 2007, 25% of all funds of any kind
             43      received by the state that are related to the settlement agreement that the state entered into with
             44      leading tobacco manufacturers shall be deposited into the permanent state trust fund created by
             45      and operated under Utah Constitution Article XXII, Section 4.
             46          (5) On and after July 1, 2007, 40% of all funds of every kind that are received by the
             47      state that are related to the settlement agreement that the state entered into with leading tobacco
             48      manufacturers on November 23, 1998, shall be deposited into the General Fund and the
             49      remaining funds deposited as directed.
             50          (6) Funds in the permanent state trust fund shall be deposited or invested pursuant to
             51      Chapter 7b, Investment of Permanent State Trust Fund Money.
             52          (7) (a) In accordance with Utah Constitution Article XXII, Section 4, the interest and
             53      dividends earned annually from the permanent state trust fund shall be deposited in the General
             54      Fund. [There shall be transferred on an ongoing basis from the General Fund to the permanent
             55      state trust fund created under Utah Constitution Article XXII, Section 4, an amount equal to
             56      50% of the interest and dividends earned annually from the permanent state trust fund. The


             57      amount transferred into the fund under this Subsection (7)(a) shall be treated as principal.]
             58          (b) [Any] The annual interest or dividends earned from the permanent state trust fund
             59      that [remain] is deposited in the General Fund [after] under Subsection (7)(a) may be
             60      appropriated by the Legislature.
             61          (c) Any realized or unrealized gains or losses on investments in the permanent state
             62      trust fund shall remain in the permanent state trust fund.
             63          (8) This section does not apply to funds deposited under Chapter 9, Part 3,
             64      Infrastructure and Economic Diversification Investment Account and Deposit of Certain
             65      Severance Taxes into Permanent State Trust Fund Act, into the permanent state trust fund.


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