Text: SSB01266 Text: SSB01268 Text: SSB01200 - SSB01299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 12.65, Code 2001, is amended to read as 1 2 follows: 1 3 12.65 HEALTHY IOWANS TOBACCOSETTLEMENT ENDOWMENT FUND1 4 TRUST. 1 5 1. A healthy Iowans tobaccosettlement endowment fund1 6 trust is created in the office of the treasurer of state. 1 7After payment of litigation costs, all moneys paid to the1 8state pursuant to the master settlement agreement, as defined1 9in section 453C.1,Moneys appropriated to the healthy Iowans 1 10 tobacco trust from the endowment for Iowa's health account of 1 11 the tobacco settlement trust fund established in section 1 12 12E.12 and from any other source shall be deposited in the 1 13fundhealthy Iowans tobacco trust. 1 142. Any moneys paid to the state by the tobacco settlement1 15authority pursuant to chapter 12E shall be deposited in the1 16fund. Additionally, the state's share of the moneys which are1 17not sold to the tobacco settlement authority pursuant to1 18chapter 12E shall be deposited in the fund.1 193.2. Moneys deposited in thefundhealthy Iowans tobacco 1 20 trust shall be used only in accordance with appropriations 1 21 from thefundhealthy Iowans tobacco trust for purposes 1 22 related to health care, substance abuse treatment and 1 23 enforcement, tobacco use prevention and control, and other 1 24 purposes related to the needs of children, adults, and 1 25 families in the state. 1 264. A savings account for healthy Iowans is created within1 27the tobacco settlement endowment fund. Moneys, appropriated1 28annually, shall be deposited in the account and shall be1 29invested to provide an ongoing source of investment earnings.1 305.3. Notwithstanding section 8.33, any unexpended balance 1 31 in thefundhealthy Iowans tobacco trust at the end of the 1 32 fiscal year shall be retained in thefundtrust. 1 33 Notwithstanding section 12C.7, subsection 2, interest or 1 34 earnings on investments or time deposits of the moneys in the 1 35 healthy Iowans tobaccosettlement endowment fund, in the2 1savings account for healthy Iowans, and in any other account2 2established within the fundtrust shall be credited to the 2 3 healthy Iowans tobaccosettlement endowment fund, to the2 4savings account for healthy Iowans, or to any other account2 5established, respectivelytrust. 2 66. For the purposes of this section, "litigation costs"2 7are those costs itemized by the attorney general and submitted2 8to and approved by the attorney general.2 97.4. Moneys in thefundhealthy Iowans tobacco trust 2 10 shall be considered part of the general fund of the state for 2 11 cash flow purposes only, provided any moneys used for cash 2 12 flow purposes are returned to thefundtrust by the close of 2 13 each fiscal year. 2 14 Sec. 2. Section 12E.2, Code 2001, is amended by adding the 2 15 following new subsections: 2 16 NEW SUBSECTION. 4A. "Healthy Iowans tobacco trust" means 2 17 the healthy Iowans tobacco trust created in section 12.65. 2 18 NEW SUBSECTION. 4B. "Interest rate agreement" means an 2 19 interest rate swap or exchange agreement, an agreement 2 20 establishing an interest rate floor or ceiling or both, or any 2 21 similar agreement. Any such agreement may include the option 2 22 to enter into or cancel the agreement or to reverse or extend 2 23 the agreement. 2 24 NEW SUBSECTION. 5A. "Net proceeds" means the amount of 2 25 proceeds remaining following each sale of bonds which are not 2 26 required by the authority to establish and fund reserve funds 2 27 and to pay the costs of issuance and other expenses and fees 2 28 directly related to the authorization and issuance of bonds. 2 29 Sec. 3. Section 12E.2, subsections 7, 8, and 10, Code 2 30 2001, are amended to read as follows: 2 31 7. "Program plan" means the tobacco settlement program 2 32 planestablished in this chapterdated February 14, 2001, 2 33 including exhibits to the program plan, submitted by the 2 34 authority to the legislative council and the executive 2 35 council, to provide the state with a secure and stable source 3 1 of funding for the purposes designated by this chapter and 3 2 section 12.65. 3 3 8. "Qualified investments" means investments of the 3 4 authority authorizedbypursuant to this chapter. 3 5 10. "State's share" means all of thestate's monetary3 6rights and interests, all rights of enforcement, and all3 7rights necessary and convenient for enforcement of those3 8monetary rights and interests in the master settlement3 9agreementfollowing: 3 10 a. All payments required to be made by tobacco product 3 11 manufacturers to the state, and the state's rights to receive 3 12 such payments, under the master settlement agreement. 3 13 b. To the extent that such amounts have been assigned to 3 14 the state, all payments of attorney fees required to be made 3 15 by tobacco product manufacturers under the master settlement 3 16 agreement, and all rights to receive such attorney fees. 3 17 Sec. 4. Section 12E.2, Code 2001, is amended by adding the 3 18 following new subsections: 3 19 NEW SUBSECTION. 10A. "Tax-exempt bonds" means bonds 3 20 issued by the authority that are accompanied by a written 3 21 opinion of legal counsel to the authority that the bonds are 3 22 excluded from the gross income of the recipients for federal 3 23 income tax purposes. 3 24 NEW SUBSECTION. 10B. "Taxable bonds" means bonds issued 3 25 by the authority that are not accompanied by a written opinion 3 26 of legal counsel to the authority that the bonds are excluded 3 27 from the gross income of the recipients for federal income tax 3 28 purposes. 3 29 Sec. 5. Section 12E.2, subsection 11, Code 2001, is 3 30 amended by striking the subsection. 3 31 Sec. 6. Section 12E.3, subsection 2, paragraphs a and d, 3 32 Code 2001, are amended to read as follows: 3 33 a. To implement and administer the program plan and to 3 34 establish a stable source of revenue to be used for the 3 35 purposes designated in this chapter and section 12.65. 4 1 d. To sell, pledge, or assign, as security or 4 2 consideration, all or a portion of the state's share sold to 4 3 the authority pursuant to a sales agreement, to provide for 4 4 and secure the issuance and repayment of its bonds. 4 5 Sec. 7. Section 12E.8, subsection 1, paragraphs g and h, 4 6 Code 2001, are amended to read as follows: 4 7 g. The power to invest or deposit moneys of or held by the 4 8 authority in any manner determined by the authority, 4 9 notwithstanding chapter 12B or 12C. 4 10 h. The power to procure insurance, other credit 4 11 enhancements, and other financing arrangements, and to execute 4 12 instruments and contracts and to enter into agreements 4 13 convenient or necessary to facilitate financing arrangements 4 14 of the authority and to fulfillitsthe purposes of the 4 15 authority under this chapter, including but not limited to 4 16 such arrangements, instruments, contracts, and agreements as 4 17 municipal bond insurance, liquidity facilities, interest rate 4 18 agreements, and letters of credit. 4 19 Sec. 8. Section 12E.8, subsection 1, Code 2001, is amended 4 20 by adding the following new paragraphs: 4 21 NEW PARAGRAPH. k. The power to acquire, own, hold, 4 22 administer, and dispose of property. 4 23 NEW PARAGRAPH. l. The power to determine, in connection 4 24 with the issuance of bonds, and subject to the sales 4 25 agreement, the terms and other details of financing, and the 4 26 method of implementation of the program plan. 4 27 NEW PARAGRAPH. m. The power to perform any act not 4 28 inconsistent with federal or state law necessary to carry out 4 29 the purposes of the authority. 4 30 Sec. 9. Section 12E.9, subsection 1, Code 2001, is amended 4 31 by striking the subsection and inserting in lieu thereof the 4 32 following: 4 33 1. a. The governor or the governor's designee shall sell 4 34 and assign all or a portion of the state's share to the 4 35 authority pursuant to one or more sales agreements for the 5 1 purpose of securitization as described in the program plan and 5 2 as specified in section 12E.10. The attorney general shall 5 3 assist the governor in the preparation and review of all 5 4 necessary documentation to effect such a sale as soon as 5 5 reasonably practicable. 5 6 b. Any sales agreement shall be consistent with the 5 7 program plan. The terms and conditions of the sale 5 8 established in such sales agreement may include but are not 5 9 limited to any of the following: 5 10 (1) A requirement that the state enforce, at the sole 5 11 expense of the authority, the provisions of the master 5 12 settlement agreement that require payment of the state's share 5 13 that has been sold to the authority under a sales agreement. 5 14 (2) A requirement that the state not agree to any 5 15 amendment of the master settlement agreement that materially 5 16 and adversely affects the authority's ability to receive the 5 17 state's share that has been sold to the authority. 5 18 (3) An agreement that the anticipated use by the state of 5 19 bond proceeds received pursuant to the sales agreement shall 5 20 be for capital projects, certain debt service on outstanding 5 21 obligations that funded capital projects, payment of attorney 5 22 fees related to the master settlement agreement, and to 5 23 provide a secure and stable source of funding to the state for 5 24 purposes designated by this chapter and section 12.65. 5 25 (4) A statement that the net proceeds from the sale of 5 26 bonds shall be deposited in the tobacco settlement trust fund 5 27 established under section 12E.12 and that in no event shall 5 28 the amounts in the trust fund be available or be applied for 5 29 payment of bonds or any claim against the authority or any 5 30 debt or obligation of the authority. 5 31 (5) A requirement that the net proceeds received by the 5 32 authority from the sale of any tax-exempt bonds issued to 5 33 provide funds for capital projects, certain debt service, and 5 34 attorney fees related to the master settlement agreement be 5 35 paid by the authority to the state as consideration for the 6 1 sale of that portion of the state's share, that such net 6 2 proceeds be deposited by the state upon receipt in the tax- 6 3 exempt bonds proceeds restricted capital funds account of the 6 4 tobacco settlement trust fund, and that such proceeds are to 6 5 be held by the authority solely for the benefit of the state, 6 6 subject to annual appropriation by the state in accordance 6 7 with section 12E.10, subsection 1, paragraph "b". 6 8 (6) A requirement that the net proceeds received by the 6 9 authority from the sale of taxable bonds or tax-exempt bonds 6 10 issued to provide funds for the purpose specified in section 6 11 12.65 be deposited in the endowment for Iowa's health account 6 12 of the tobacco settlement trust fund as moneys of the 6 13 authority until transferred to the state pursuant to section 6 14 12E.12, subsection 1, paragraph "b", subparagraph (2). Each 6 15 amount transferred shall be the consideration received by the 6 16 state for that portion of the state's share. 6 17 (7) An agreement that the effective date of the sale is 6 18 the date of receipt of the bond proceeds by the authority and 6 19 the deposits of the net proceeds of the tax-exempt bonds and 6 20 the taxable bonds in the respective account of the tobacco 6 21 settlement trust fund. 6 22 Sec. 10. Section 12E.9, subsection 5, Code 2001, is 6 23 amended to read as follows: 6 24 5. The authority, the treasurer of state, and the attorney 6 25 general shall report to the legislative council and the 6 26 executive council on or before the datespecified in the6 27program planof the sale, advising them of the accomplishment 6 28 of the sale, its terms, and conditions. 6 29 Sec. 11. Section 12E.10, Code 2001, is amended by striking 6 30 the section and inserting in lieu thereof the following: 6 31 12E.10 TOBACCO SETTLEMENT PROGRAM PLAN. 6 32 1. a. The authority shall implement the program plan and 6 33 shall proceed with a securitization to maximize the 6 34 transference of risks associated with the master settlement 6 35 agreement. The authority shall issue tax-exempt bonds in an 7 1 amount that is sufficient to provide net proceeds in an amount 7 2 of not more than five hundred forty million dollars for 7 3 deposit in the tax-exempt bonds proceeds restricted capital 7 4 funds account of the tobacco settlement trust fund, to be used 7 5 for capital projects, certain debt service on outstanding 7 6 obligations which funded capital projects, and attorney fees 7 7 related to the master settlement agreement. The authority may 7 8 also issue taxable bonds or tax-exempt bonds to provide 7 9 additional proceeds to be used for the purposes specified in 7 10 section 12.65. 7 11 b. It is the expectation of the state that not less than 7 12 eighty-five percent of the proceeds deposited in the tax- 7 13 exempt bonds proceeds restricted capital funds account of the 7 14 tobacco settlement trust fund will be expended within five 7 15 years from the effective date of the sale, consistent with the 7 16 requirements of federal law, and that the specific capital 7 17 projects, debt service, and attorney fees payments shall be 7 18 determined, annually, through appropriations authorized by a 7 19 constitutional majority of each house of the general assembly 7 20 and approved by the governor. 7 21 2. The authority shall periodically report to the 7 22 legislative council and the governor regarding implementation 7 23 of the program plan and shall, prior to any public offering of 7 24 bonds, submit a report to the legislative council and the 7 25 governor describing the terms of the proposed bond issue. 7 26 3. Any amendment to the program plan shall be authorized 7 27 by a constitutional majority of each house of the general 7 28 assembly and approved by the governor. 7 29 4. To the extent that any provision of the program plan is 7 30 inconsistent with this chapter, the provisions of this chapter 7 31 shall govern. 7 32 Sec. 12. Section 12E.11, subsections 1, 4, and 5, Code 7 33 2001, are amended to read as follows: 7 34 1. The authority may issue bonds anduse, if bonds are 7 35 issued shall make the proceeds from the bondsfor the purpose8 1of providingavailable to the state pursuant to the sales 8 2 agreement to fund capital projects, certain debt service on 8 3 outstanding obligations that funded capital projects, and 8 4 attorney fees related to the master settlement agreement, and 8 5 to provide a secure and stable source of funding to the state, 8 6 consistent with the purposes of this chapter and section 8 7 12.65. In connection with the issuance of bonds and subject 8 8 to the terms of the sales agreement, the authority shall 8 9 determine the terms and other details of the financing and the 8 10 method of implementation of the program plan. Bonds issued 8 11 pursuant to this section may be secured by a pledge of all or 8 12 a portion of the state's share and any moneys derived from the 8 13 state's share, and any other sources available to the 8 14 authority with the exception of moneys in the tobacco 8 15 settlement trust fund. The authority may also issue refunding 8 16 bonds, including advance refunding bonds, for the purpose of 8 17 refunding previously issued bonds, and may issue other types 8 18 of bonds, debt obligations, and financing arrangements 8 19 necessary to fulfill its purposes or the purposes of this 8 20 chapter. 8 21 4. Bonds shall state on their face that they are payable 8 22 both as to principal and interest solely out of the assets of 8 23 the authority pledged for their purpose and do not constitute 8 24 an indebtedness of the state or any political subdivision of 8 25 the state; are secured solely by and payable solely from 8 26receipts under the master settlement agreementassets of the 8 27 authority pledged for such purpose; constitute neither a 8 28 general, legal, or moral obligation of the state or any of its 8 29 political subdivisions; and that the state has no obligation 8 30 or intention to satisfy any deficiency or default of any 8 31 payment of the bonds. 8 32 5. Any amount pledged by the authority to be received 8 33 under the master settlement agreement shall be valid and 8 34 binding at the time the pledge is made.ReceiptsAmounts so 8 35 pledged and then or thereafter received by the authority shall 9 1 immediately be subject to the lien of such pledge without any 9 2 physical delivery thereof or further act. The lien of any 9 3 such pledge shall be valid and binding as against all parties 9 4 having claims of any kind against the authority, whether such 9 5 parties have notice of the lien. Notwithstanding any other 9 6 provision to the contrary, the resolution of the authority or 9 7 any other instrument by which a pledge is created need not be 9 8 recorded or filed to perfect such pledge. 9 9 Sec. 13. Section 12E.11, subsection 7, paragraph c, Code 9 10 2001, is amended to read as follows: 9 11 c. The bonds shall be subject to the terms, conditions, 9 12 and covenants providing for the payment of the principal, 9 13 redemption premiums, if any, interest which may be fixed or 9 14 variable during any period the bonds are outstanding, and 9 15 other terms, conditions, covenants, and protective provisions 9 16 safeguarding payment, not inconsistent with this chapter and 9 17 as determined by resolution of the board authorizing their 9 18 issuance. 9 19 Sec. 14. Section 12E.11, Code 2001, is amended by adding 9 20 the following new subsection: 9 21 NEW SUBSECTION. 11. The state reserves the right at any 9 22 time to alter, amend, repeal, or otherwise change the 9 23 structure, organization, programs, or activities of the 9 24 authority, including the power to terminate the authority, 9 25 except that a law shall not be enacted that impairs any 9 26 obligation made pursuant to a sales agreement or any contract 9 27 entered into by the authority with or on behalf of the holders 9 28 of the bonds to the extent that any such law would contravene 9 29 Article I, section 21, of the Constitution of the State of 9 30 Iowa or Article I, section 10, of the Constitution of the 9 31 United States. 9 32 Sec. 15. Section 12E.12, subsection 1, Code 2001, is 9 33 amended to read as follows: 9 34 1. a. A tobacco settlement trust fund is established, 9 35 separate and apart from all other public moneys or funds of 10 1 the state, under the control of the authority. The fund shall 10 2 consist of moneys paid to the authority and not pledged to the 10 3 payment of bonds or otherwise obligated. Such moneys shall 10 4 include but are not limited to payments received from the 10 5 master settlement agreement which are not pledged to the 10 6 payment of bonds or which are subsequently released from a 10 7 pledge to the payment of any bonds; payments which, in 10 8 accordance with any sales agreement with the state, are to be 10 9 paid to the state and not pledged to the bonds, including that 10 10 portion of the proceeds of any bonds designated for purchase 10 11 of all or a portion of the state's share, which are designated 10 12 for deposit in the fund, together with all interest, 10 13 dividends, and rents on the bonds; and all securities or 10 14 investment income and other assets acquired by and through the 10 15 use of the moneys belonging to the fund and any other moneys 10 16 deposited in the fund. Moneys in the fund are to be used 10 17 solely and only for the payment of all amounts due and to 10 18 become due to the state, and shall not be used for any other 10 19 purpose. Such moneys shall not be available for the payment 10 20 of any claim against the authority or any debt or obligation 10 21 of the authority. 10 22 b. The fund shall consist of the following accounts: 10 23 (1) The tax-exempt bonds proceeds restricted capital funds 10 24 account. The net proceeds of tax-exempt bonds issued to 10 25 provide funds for capital projects, certain debt service, and 10 26 attorney fees related to the master settlement agreement which 10 27 the state treasurer is authorized and directed to deposit on 10 28 behalf of the state, shall be deposited in the account and 10 29 shall be used to fund capital projects, certain debt service, 10 30 and the payment of attorney fees related to the master 10 31 settlement agreement. 10 32 (2) The endowment for Iowa's health account. The net 10 33 proceeds of the taxable bonds or tax-exempt bonds issued to 10 34 provide funds for the purposes specified in section 12.65 10 35 which the authority is directed to deposit in the account, any 11 1 portion of the state's share which is not sold to the 11 2 authority, and any other moneys appropriated by the state for 11 3 deposit in the account shall be deposited in the account and 11 4 shall be used for the purposes specified in section 12.65. 11 5 (a) There is transferred from the endowment for Iowa's 11 6 health account of the tobacco settlement trust fund to the 11 7 healthy Iowans tobacco trust for the fiscal year beginning 11 8 July 1, 2001, and ending June 30, 2002, the amount of fifty- 11 9 five million dollars, to be used for the purposes specified in 11 10 section 12.65. 11 11 (b) For each fiscal year beginning July 1, 2002, and 11 12 annually thereafter, there is transferred from the endowment 11 13 for Iowa's health account of the tobacco settlement trust fund 11 14 to the healthy Iowans tobacco trust fifty-five million dollars 11 15 plus an inflationary factor of one and one-half percent of the 11 16 amount transferred in the previous fiscal year. Any transfer 11 17 in an amount not in accordance with this subparagraph shall 11 18 not be made unless authorized by a three-fifths majority of 11 19 each house and approved by the governor. 11 20 Sec. 16. Section 12E.12, subsection 3, Code 2001, is 11 21 amended by adding the following new paragraph: 11 22 NEW PARAGRAPH. e. If consistent with the investment 11 23 policy established by the board, the authority may invest 11 24 moneys of or held by the authority in structured notes and 11 25 investment agreements, the repayment of the principal amount 11 26 of which is protected or guaranteed. 11 27 Sec. 17. Section 12E.17, Code 2001, is amended to read as 11 28 follows: 11 29 12E.17 DISSOLUTION OF THE AUTHORITY. 11 30 The authority shall dissolve no later than two years from 11 31 the date of final payment of all outstanding bonds and the 11 32 satisfaction of all outstanding obligations of the authority, 11 33 except to the extent necessary to remain in existence to 11 34 fulfill any outstanding covenants or provisions with 11 35 bondholders or third parties made in accordance with this 12 1 chapter. Upon dissolution of the authority, all assets of the 12 2 authority shall be returned to the state and shall be 12 3 deposited in the healthy Iowans tobaccosettlement endowment12 4fundtrust, unless otherwise directed by the general assembly, 12 5 and the authority shall execute any necessary assignments or 12 6 instruments, including any assignment of any right, title, or 12 7 ownership to the state for receipt of payments under the 12 8 master settlement agreement. 12 9 Sec. 18. 2000 Iowa Acts, chapter 1208, section 24, as 12 10 amended by 2001 Iowa Acts, Senate File 258, section 1, is 12 11 repealed. 12 12 Sec. 19. EFFECTIVE DATE – DEPOSIT OF FUNDS. Until the 12 13 effective date of the sale as provided in section 12E.9, the 12 14 state's share shall be deposited in the healthy Iowans tobacco 12 15 trust created in section 12.65. Upon the effective date of 12 16 the sale, the state's share shall be transferred or deposited 12 17 in accordance with any sales agreement and chapter 12E. 12 18 Sec. 20. EFFECTIVE DATE. This Act, being deemed of 12 19 immediate importance, takes effect upon enactment. 12 20 EXPLANATION 12 21 This bill amends Code chapter 12E, relating to the tobacco 12 22 settlement authority, to provide for implementation of the 12 23 program plan submitted by the tobacco settlement authority to 12 24 the legislative council and the executive council to provide a 12 25 secure and stable source of funding for the purposes 12 26 designated in Code section 12.65 (the tobacco settlement 12 27 endowment fund) amended in the bill to be renamed the healthy 12 28 Iowans tobacco trust. The program plan to be implemented 12 29 provides for securitization of the portion of the state's 12 30 share of the tobacco master settlement agreement sold to the 12 31 tobacco settlement authority. The bill directs the authority 12 32 to sell tax-exempt bonds in specified amounts to be used for 12 33 capital projects, certain debt service, and payment of 12 34 attorney fees related to the master settlement agreement. The 12 35 bill also authorizes the authority to issue taxable bonds or 13 1 tax-exempt bonds to provide additional proceeds to be used for 13 2 the purposes specified in Code section 12.65. 13 3 The bill provides that the state reserves the right to 13 4 alter, amend, repeal, or otherwise change the structure, 13 5 organization, programs, or activities of the authority, except 13 6 that no law is to be enacted that impairs any obligation made 13 7 under a sales agreement or contract which would contravene 13 8 constitutional provisions. 13 9 The bill amends the section of Code chapter 12E relating to 13 10 the tobacco settlement trust fund to provide for two separate 13 11 accounts within the fund. The net proceeds of the tax-exempt 13 12 bonds are to be deposited in the tax-exempt bonds proceeds 13 13 restricted capital funds account to be used to fund capital 13 14 projects, certain debt service, and payment of attorney fees 13 15 related to the master settlement agreement. The net proceeds 13 16 of the taxable bonds, any portion of the state's share which 13 17 is not sold to the authority, and any other moneys 13 18 appropriated by the state for deposit in the account are to be 13 19 deposited in the endowment for Iowa's health account. 13 20 The bill provides for a transfer of $55 million from the 13 21 endowment for Iowa's health account to the healthy Iowans 13 22 tobacco trust created in Code section 12.65, for the fiscal 13 23 year beginning July 1, 2001, and ending June 30, 2002. For 13 24 the fiscal year beginning July 1, 2002, and annually 13 25 thereafter, a transfer of $55 million plus an inflationary 13 26 factor of 1 1/2 percent of the amount transferred in the 13 27 previous year is required to be transferred from the endowment 13 28 for Iowa's health account to the healthy Iowans tobacco trust 13 29 created in Code section 12.65. 13 30 The bill also amends Code section 12.65 to rename the 13 31 "tobacco settlement endowment fund" the "healthy Iowans 13 32 tobacco trust". Moneys appropriated from the endowment for 13 33 Iowa's health account and from any other source are to be 13 34 deposited in the trust to be used in accordance with 13 35 appropriations made from the trust for purposes related to 14 1 health care, substance abuse treatment and enforcement, 14 2 tobacco use prevention and control, and other purposes related 14 3 to the needs of children, adults, and families in the state. 14 4 The bill eliminates the savings account for healthy Iowans 14 5 within the trust. 14 6 The bill provides that until the sale of the portion of the 14 7 state's share is effective, the state's share is to be 14 8 deposited in the healthy Iowans tobacco trust created in Code 14 9 section 12.65. Upon the effective date of the sale, the 14 10 state's share is to be transferred or deposited in accordance 14 11 with the sales agreement and Code chapter 12E. 14 12 The bill takes effect upon enactment. 14 13 LSB 3581XC 79 14 14 pf/gg/8
Text: SSB01266 Text: SSB01268 Text: SSB01200 - SSB01299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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