| LAWS OF THE 2001 REGULAR SESSION OF THE SEVENTY-NINTH GENERAL ASSEMBLY OF THE STATE OF IOWA |
Section 1. TOBACCO SETTLEMENT TRUST FUND.
1. Notwithstanding provisions to the contrary in sections 99D.17 and 99F.11, and notwithstanding provisions to the contrary in section 8.57, subsection 5, paragraph "e", and following deposits in the general fund of the state, the vision Iowa fund created in section 12.72, and the school infrastructure fund created in section 12.82, pursuant to section 8.57, subsection 5, paragraph "e", for the designated fiscal years, the following moneys received pursuant to sections 99D.17 and 99F.11 shall be deposited in the endowment for Iowa's health account of the tobacco settlement trust fund created in section 12E.12 for the purposes specified in section 12E.12 for the endowment for Iowa's health account:
FY 2001-2002..........................................................$ 80,000,000 FY 2002-2003..........................................................$ 75,000,000 FY 2003-2004..........................................................$ 70,000,000 FY 2004-2005..........................................................$ 70,000,000 FY 2005-2006..........................................................$ 70,000,000 FY 2006-2007..........................................................$ 70,000,000
The total moneys received pursuant to sections 99D.17 and 99F.11 in a fiscal year, in excess of the moneys received pursuant to sections 99D.17 and 99F.11 and deposited in the general fund of the state, the vision Iowa fund, the school infrastructure fund, and the tobacco settlement trust fund, shall be deposited in the rebuild Iowa infrastructure fund and shall be used as provided in section 8.57, notwithstanding section 8.60.
2. There is appropriated from the general fund of the state to the endowment for Iowa's health account of the tobacco settlement trust fund created in section 12E.12, for the designated fiscal years, the following amounts, to be used for the purposes specified in section 12E.12 for the endowment for Iowa's health account:
FY 2001-2002..........................................................$ 7,248,000 FY 2002-2003..........................................................$ 27,087,000 FY 2003-2004..........................................................$ 28,251,000 FY 2004-2005..........................................................$ 29,785,000 FY 2005-2006..........................................................$ 29,562,000 FY 2006-2007..........................................................$ 17,773,000
Sec. 2. NONREVERSION. Notwithstanding section 8.33, moneys deposited in or appropriated to the tobacco settlement trust fund under this Act that remain unencumbered or unobligated at the close of any fiscal year shall be retained in the tobacco settlement trust fund.
Sec. 3. CONTINGENT EFFECTIVE DATE. This Act shall take effect only if 2001 Iowa Acts, Senate File 5321 is enacted and only if the tobacco settlement authority established in chapter 12E securitizes tobacco master settlement agreement payments sold to the authority pursuant to 2001 Iowa Acts, Senate File 532.2
If the contingencies of this section are met, the effective date of this Act shall be the effective date of the receipt of the bond proceeds by the tobacco settlement authority and the deposit of the proceeds of the tax-exempt bonds and the taxable bonds in the respective accounts of the tobacco settlement trust fund pursuant to chapter 12E, and specifically pursuant to section 12E.9.
Approved May 2, 2001
1Chapter 164 herein
2Chapter 164 herein
Updated: 30-Oct-2001 12:26 PM
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