|SB 0839||Creates commission to invest tobacco money for health and education|
|LR Number:||3710L.01I||Fiscal Note:||3710-01|
|Committee:||Pensions and General Laws|
|Last Action:||01/27/00 - Referred S Pensions & General Laws Committee||Journal page:||S152|
|Effective Date:||August 28, 2000|
SB 839 - This act requires proceeds received as a result of the state's case against tobacco companies to be deposited into the Tobacco Settlement Fund.
The act also establishes a nine member Tobacco Settlement Commission, appointed by the Governor with advice and consent of the Senate. The members shall have substantial experience in investments and finance. By March, 2001, the commission shall submit a proposal for use of the tobacco settlement proceeds, which may include sale of tax-exempt bonds or other methods of setting current valuation. Upon approval of the General Assembly, the commission shall invest all moneys received as a result of the setting at current valuation.
The act creates the Missouri Permanent Trust Fund, into which the moneys obtained from the setting at current valuation shall be deposited. The moneys in the Permanent Trust Fund shall be invested by the Tobacco Settlement Commission. Annual earnings from the Permanent Trust Fund shall be subject to appropriation only for health and education purposes, with a limit of a 100 million dollar for the first year appropriation. The corpus of the trust shall not be subject to appropriation without a vote of the people.
The act has an emergency clause.