PERFECTED
HB 1506 -- TOBACCO SETTLEMENT TRUST FUND (Van Zandt)
This bill creates the Missouri Tobacco Settlement Trust Fund in
the state treasury.
The bill authorizes the State Treasurer to deposit into the fund
all moneys received by the state of Missouri pursuant to the
Master Settlement Agreement entered into on November 23, 1998,
between the state and leading U.S. tobacco product manufacturers.
The State Treasurer will invest the moneys in the Missouri
Tobacco Settlement Trust Fund in a manner similar to the
investment of surplus state funds according to Missouri
statutes. The moneys in the fund will not revert to the credit
of the General Revenue Fund at the end of the biennium. All
earnings from the investment of moneys in the Missouri Tobacco
Settlement Trust Fund will remain in the fund.
No disbursement will be made from the fund or earnings thereon
until procedures for disbursement are approved by the voters and
further provided by law.
FISCAL NOTE: Estimated Net Loss to General Revenue Fund of
$135,420,621 to $163,549,500 in FY 2001, $162,447,798 to
$201,093,556 in FY 2002, and $164,044,888 to $207,115,878 in FY
2003. Estimated Net Income to Missouri Tobacco Settlement Trust
Fund of $135,420,621 to $163,549,500 in FY 2001, $162,447,798 to
$201,093,556 in FY 2002, and $164,044,888 to $207,115,878 in FY
2003.
COMMITTEE
HB 1506 -- TOBACCO SETTLEMENT TRUST FUND
CO-SPONSORS: Van Zandt, Smith, Gaw, Hanaway, Harlan, Campbell,
Franklin, Backer, Hoppe, Hosmer, Murray, Crump
COMMITTEE ACTION: Voted "do pass" by the Committee on Missouri
Tobacco Settlement by a vote of 11 to 1.
This bill creates the Missouri Tobacco Settlement Trust Fund in
the state treasury.
The bill authorizes the State Treasurer to deposit into the fund
all moneys received by the state of Missouri pursuant to the
Master Settlement Agreement entered into on November 23, 1998,
between the state and leading U.S. tobacco product manufacturers.
The State Treasurer will invest the moneys in the Missouri
Tobacco Settlement Trust Fund in a manner similar to the
investment of surplus state funds according to Missouri
statutes. The moneys in the fund will not revert to the credit
of the General Revenue Fund at the end of the biennium. All
earnings from the investment of moneys in the Missouri Tobacco
Settlement Trust Fund will remain in the fund.
No disbursement will be made from the fund or earnings thereon
until procedures for disbursement are approved by the voters and
further provided by law.
FISCAL NOTE: Estimated Net Loss to General Revenue Fund of
$143,200,000 in FY 2001, $172,000,000 in FY 2002, and
$173,500,000 in FY 2003. Estimated Net Income to Missouri
Tobacco Settlement Trust Fund of $143,200,000 in FY 2001,
$172,000,000 in FY 2002, and $173,500,000 in FY 2003.
PROPONENTS: Supporters say that this bill will provide a
depository for tobacco settlement moneys until decisions for use
can be ratified by the voters.
Testifying for the bill were Representative Van Zandt; and
American Association of Retired Persons.
OPPONENTS: There was no opposition voiced to the committee.
Bill Tucker, Assistant Director of Research
INTRODUCED
HB 1506 -- Tobacco Settlement Trust Fund
Co-Sponsors: Van Zandt, Smith, Gaw, Harlan, Hanaway, Campbell,
Franklin, Backer, Hoppe, Hosmer, Murray, Crump
This bill creates the Missouri Tobacco Settlement Trust Fund in
the state treasury.
The bill authorizes the State Treasurer to deposit into the fund
all moneys received by the state of Missouri pursuant to the
Master Settlement Agreement entered into on November 23, 1998,
between the state and leading U.S. tobacco product manufacturers.
The State Treasurer will invest the moneys in the Missouri
Tobacco Settlement Trust Fund in a manner similar to the
investment of surplus state funds according to Missouri
statutes. The moneys in the fund will not revert to the credit
of the General Revenue Fund at the end of the biennium. All
earnings from the investment of moneys in the Missouri Tobacco
Settlement Trust Fund will remain in the fund.
No disbursement will be made from the fund or earnings thereon
until procedures for disbursement are approved by the voters and
further provided by law.
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Last Updated October 5, 2000 at 11:33 am