SB 0541 Creates Tobacco Settlement Trust Fund and Tobacco Moneys Board
LR Number:2067S.01I Fiscal Note:2067-01
Committee:Pensions and General Laws
Last Action:03/07/01 - Hearing Conducted S Pensions & General Laws Committee Journal page:
Effective Date:August 28, 2001
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Current Bill Summary

SB 541 - This act creates a Missouri Tobacco Settlement Trust Fund, for deposit of all tobacco settlement proceeds. Moneys in the Fund shall be appropriated to the Tobacco Moneys Board, which shall review requests and award grants for a variety of specified purposes.

The Board shall be comprised of the President Pro Tem of the Senate, Speaker of the House, 8 Representatives, and 8 Senators. The Board shall submit grant awards to the Governor; if the Governor does not disapprove the grant award within 15 days, it shall be deemed approved.

The act also creates a Tobacco Moneys Review Board to analyze the impact of grant awards. The Board shall submit its findings from the previous fiscal year to the Tobacco Moneys Board prior to review of any awards for next year.