SENATE BILL NO. 129
INTRODUCED BY D. BERRY
AN ACT IMPLEMENTING THE TOBACCO SETTLEMENT TRUST FUND AUTHORIZED BY ARTICLE XII, SECTION 4, OF THE MONTANA CONSTITUTION; PROVIDING CRITERIA TO GOVERN THE PURPOSES FOR WHICH THE INTEREST, INCOME, AND PRINCIPAL OF THE TRUST FUND MAY BE APPROPRIATED; PROVIDING FOR THE MANAGEMENT OF THE TRUST FUND; AMENDING SECTION 17-6-203, MCA; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE AND A RETROACTIVE APPLICABILITY DATE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Establishment -- purpose. A Montana tobacco settlement trust fund, as provided for in Article XII, section 4, of the Montana constitution, is established to provide a permanent source of revenue to fund the costs that the state incurs in:
(1) programs for tobacco disease prevention; and
(2) providing benefits, services, or coverage of health care needs.
Section 2. Definitions. As used in [sections 1 through 3], the following definitions apply:
(1) "Benefits, services, or coverage of health care needs" means the provision of health care to persons by the state through any program of benefits, services, or coverage, including income tax incentives.
(2) "Health care" has the meaning provided in 50-16-504.
(3) "Programs for tobacco disease prevention" means programs of services administered by the state for the purposes of informing individuals of the health risks of tobacco use and exposure, assisting persons in the avoidance of tobacco products use, and assisting individuals in cessation of tobacco use.
(4) "Tobacco products" means a substance intended for human use that contains tobacco and includes but is not limited to cigarettes, cigars, smoking tobacco, and tobacco intended for use in an oral or nasal cavity.
(5) "Trust fund" means the Montana tobacco settlement trust fund authorized by Article XII, section 4, of the Montana constitution and implemented through [sections 1 through 3].
Section 3. Montana tobacco settlement trust fund -- state special revenue fund account. (1) Nine-tenths of the interest and income derived from the trust fund on or after January 1, 2001, must be deposited in an account in the state special revenue fund and is subject to appropriation in accordance with subsection (3). One-tenth of the interest and income derived from the trust fund must remain in the trust fund.
(2) In addition to the money required to be deposited in the trust fund as principal, the legislature may deposit additional money in the trust fund as principal.
(3) The legislature shall appropriate money from the state special revenue fund account provided for in subsection (1) for programs for tobacco disease prevention and for state programs that provide benefits, services, or coverage of health care needs.
(4) The money appropriated under this section may not be used to replace state or federal money used to fund programs for tobacco disease prevention or state programs in existence on December 31, 1999, that provide benefits, services, or coverage of health care needs.
Section 4. Section 17-6-203, MCA, is amended to read:
"17-6-203. Separate investment funds. Separate investment funds shall
must be maintained as follows:
(1) the nonexpendable trust funds, including all public school funds and
funds of the Montana university system and other state institutions of learning
referred to in sections 2 and 10, Article X, sections 2 and 10, of the 1972
Montana constitution. The principal and any part thereof of each and every
fund constituting the Montana nonexpendable trust fund type shall be are
subject to payment at any time when due under the statutory provisions
applicable thereto to the nonexpendable trust fund and according to the
provisions of the gift, donation, grant, legacy, bequest, or devise through or
from which the particular fund arises.
(2) a separate investment fund, which may not be held jointly with other
funds, for money pertaining to each retirement or insurance system now or
hereafter maintained by the state, including those now maintained under the
following statutes:
(a) the highway patrol officers' retirement system described in Title 19, chapter 6;
(b) the public employees' retirement system described in Title 19, chapter 3;
(c) the game wardens' and peace officers' retirement system described in Title 19, chapter 8;
(d) the teachers' retirement system described in Title 19, chapter 20; and
(e) the industrial accident insurance program described in Title 39, chapter 71, part 23;
(3) a pooled investment fund, including all other accounts within the treasury fund structure established by 17-2-102;
(4) the fish and wildlife mitigation trust fund established by 87-1-611;
(5) a fund consisting of gifts, donations, grants, legacies, bequests,
devises, and other contributions made or given for a specific purpose or under
conditions expressed in the gift, donation, grant, legacy, bequest, devise, or
contribution on the part of the state of Montana to be observed. If such a gift,
donation, grant, legacy, bequest, devise, or contribution permits investment
and is not otherwise restricted by its terms, it may be treated jointly with other
such gifts, donations, grants, legacies, bequests, devises, or contributions.
(6) a fund consisting of coal severance taxes allocated thereto to the coal
tax severance trust fund under section 5, Article IX, section 5, of the Montana
constitution; the. The principal of this trust fund shall be is permanent; in.
However, in the event that the legislature appropriates any part of the
principal of this fund by a vote of three-fourths of the members of each house,
such the liquidation may create a gain or loss in the principal; and.
(7) a Montana tobacco settlement trust fund established in accordance with Article XII, section 4, of the Montana constitution and [sections 1 through 3]; and
(7)(8) such additional investment funds as may be that are expressly
required by law or may be determined by the board of investments to be
necessary to fulfill fiduciary responsibilities of the state with respect to funds
from a particular source."
Section 5. Codification instruction. [Sections 1 through 3] are intended to be codified as an integral part of Title 17, chapter 6, and the provisions of Title 17, chapter 6, apply to [sections 1 through 3].
Section 6. Effective date. [This act] is effective on passage and approval.
Section 7. Retroactive applicability. [This act] applies retroactively, within the meaning of 1-2-109, to proceeds from the tobacco settlement occurring on or after January 1, 2001.
- END -
Latest Version of SB 129 (SB0129.ENR)
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Status of this Bill | 2001 Legislature | Leg. Branch
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