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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