Senate Bill 1268er

    ENROLLED

    1998 Legislature                        SB 1268, 1st Engrossed



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  2         An act creating the Tobacco Settlement Trust

  3         Fund; providing for the deposit of proceeds

  4         from the settlement of the state's suit against

  5         the tobacco industry; providing for the

  6         investment of funds; providing for review and

  7         termination of the trust fund; providing an

  8         effective date.

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10  Be It Enacted by the Legislature of the State of Florida:

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12         Section 1.  (1)  The Tobacco Settlement Trust Fund is

13  created to accept deposit of all funds received by the state

14  as a result of the settlement of its lawsuit against the

15  tobacco industry.

16         (2)  All funds transferred to and retained in the trust

17  fund shall be invested pursuant to section 18.125, Florida

18  Statutes. All interest accruing to the trust fund shall be

19  deposited in the trust fund and shall be subject to

20  appropriation by the Legislature.

21         (3)  Pursuant to the provisions of Section 19(f)(2),

22  Article III of the State Constitution, the Tobacco Settlement

23  Trust Fund shall, unless terminated sooner, be terminated on

24  July 1, 2002. Prior to its scheduled termination, the trust

25  fund shall be reviewed as provided in section 215.3206(1) and

26  (2), Florida Statutes.

27         Section 2.  This act shall take effect upon becoming a

28  law.

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