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92_HB1732eng
HB1732 Engrossed LRB9203524DJmgA
1 AN ACT in relation to tobacco.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The State Finance Act is amended by changing
5 Section 6z-43 as follows:
6 (30 ILCS 105/6z-43)
7 Sec. 6z-43. Tobacco Settlement Recovery Fund.
8 (a) There is created in the State Treasury a special
9 fund to be known as the Tobacco Settlement Recovery Fund,
10 into which shall be deposited all monies paid to the State
11 pursuant to (1) the Master Settlement Agreement entered in
12 the case of People of the State of Illinois v. Philip Morris,
13 et al. (Circuit Court of Cook County, No. 96-L13146) and (2)
14 any settlement with or judgment against any tobacco product
15 manufacturer other than one participating in the Master
16 Settlement Agreement in satisfaction of any released claim as
17 defined in the Master Settlement Agreement, as well as any
18 other monies as provided by law. All earnings on Fund
19 investments shall be deposited into the Fund. Upon the
20 creation of the Fund, the State Comptroller shall order the
21 State Treasurer to transfer into the Fund any monies paid to
22 the State as described in item (1) or (2) of this Section
23 before the creation of the Fund plus any interest earned on
24 the investment of those monies. The State Treasurer may
25 invest the moneys in the Fund in the same manner, in the same
26 types of investments, and subject to the same limitations
27 provided in the Illinois Pension Code for the investment of
28 pension funds other than those established under Article 3 or
29 4 of the Code.
30 (b) As soon as may be practical after June 30, 2001, the
31 State Comptroller shall direct and the State Treasurer shall
HB1732 Engrossed -2- LRB9203524DJmgA
1 transfer the unencumbered balance in the Tobacco Settlement
2 Recovery Fund as of June 30, 2001 into the Budget
3 Stabilization Fund. The Treasurer may invest the moneys in
4 the Budget Stabilization Fund in the same manner, in the same
5 types of investments, and subject to the same limitations
6 provided in the Illinois Pension Code for the investment of
7 pension funds other than those established under Article 3 or
8 4 of the Code.
9 (c) Moneys may be appropriated from the Tobacco
10 Settlement Recovery Fund to the Department of Public Health
11 for the purpose of making grants to physicians who agree to
12 practice full-time in a designated shortage area as a primary
13 care physician for a period of 3 years. The amount of the
14 grant shall be an amount equal to the tuition and fees paid
15 by the physician for his or her medical school education or
16 $80,000, whichever is less. For purposes of this subsection
17 (c), "designated shortage area" means a medically underserved
18 area or health manpower shortage area as defined by the
19 United States Department of Health and Human Services, or a
20 designated shortage area as determined by the Department of
21 Public Health.
22 (Source: P.A. 91-646, eff. 11-19-99; 91-704, eff. 7-1-00;
23 91-797, eff. 6-9-00; revised 6-28-00.)
24 Section 99. Effective date. This Act takes effect upon
25 becoming law.
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