Text: SF02161 Text: SF02163 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 12.65, Code 1999, is amended to read as 1 2 follows: 1 3 12.65 TOBACCO SETTLEMENT ENDOWMENT FUND. 1 4 A tobacco settlement endowment fund is created in the 1 5 office of the treasurer of state. After payment of litigation 1 6 costs, the state portion of any moneys paid to the state by 1 7 tobacco companies in settlement of the state's lawsuit for 1 8 recovery of public expenditures associated with tobacco use 1 9 shall be deposited in the tobacco settlement endowment fund. 1 10 Notwithstanding section 8.33, any unexpended balance in the 1 11 fund at the end of the fiscal year shall be retained in the 1 12 fund. Notwithstanding section 12C.7, subsection 2, interest 1 13 or earnings on investments or time deposits of the moneys in 1 14 the fund shall be credited to the fund. Moneys deposited in 1 15 the fund shall constitute an endowment. All settlement moneys 1 16 deposited in the fund shall be invested to provide an ongoing 1 17 source of investment earnings. Only earnings on moneys 1 18 invested may be used as provided in appropriations from the 1 19 fund and for operating expenses of the fund including the 1 20 expenses of investing and managing the moneys. Earnings or 1 21 moneys deposited in the fund shall be used only as provided in 1 22 appropriations from the fund to the department of human 1 23 services for the medical assistance program and to the Iowa 1 24 department of public health for programs to reduce smoking by 1 25 teenage youth. For purposes of this section, "litigation 1 26 costs" are those costs itemized by the attorney general and 1 27 submitted to and approved by the general assembly. 1 28 EXPLANATION 1 29 This bill changes the tobacco settlement fund into a 1 30 tobacco settlement endowment fund and provides that moneys 1 31 deposited in the tobacco settlement fund constitute an 1 32 endowment. All settlement moneys deposited are to be invested 1 33 to provide an ongoing source of investment earnings. Only 1 34 earnings on these investments may be used as provided in 1 35 appropriations from the fund and for operating expenses of the 2 1 fund. 2 2 LSB 6058SS 78 2 3 pf/as/5
Text: SF02161 Text: SF02163 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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