The Florida Senate

¹569.20  Tobacco Settlement Trust Fund.--

(1)  The Tobacco Settlement Trust Fund is created to accept deposit of all funds received by the state as a result of the settlement of its lawsuit against the tobacco industry.

(2)  All funds transferred to and retained in the trust fund shall be invested pursuant to s. 18.125. All interest accruing to the trust fund shall be deposited in the trust fund and shall be subject to appropriation by the Legislature.

(3)  Pursuant to the provisions of s. 19(f)(2), Art. III of the State Constitution, the Tobacco Settlement Trust Fund shall, unless terminated sooner, be terminated on July 1, 2002. Prior to its scheduled termination, the trust fund shall be reviewed as provided in s. 215.3206(1) and (2).

History.--s. 1, ch. 98-122.

¹Note.--

A.  Section 3, ch. 98-63, provides that:

"(1)  The $330,500,000, plus accrued interest and any other funds on deposit in accounts 3660512058 and 3660510843 at NationsBank, N.A., pursuant to Escrow Agreement dated September 15, 1997, and raised as a result of litigation entitled The State of Florida et al. vs. American Tobacco Company, et al., Case #95-1466AH, in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, are funds of the State of Florida and are hereby appropriated to the General Revenue Fund, and shall be transferred to the Tobacco Settlement Trust Fund, if such fund is created by law. Further, all subsequent payments made by the settling defendants in said litigation are funds of the State of Florida and are hereby appropriated to said trust fund, or if such trust fund is not created by law, to the General Revenue Fund.

"(2)  This section shall take effect [May 15, 1998] and shall supersede Section 16 of the 1998-1999 General Appropriations Act."

B.  Section 4, ch. 98-63, provides that:

"(1)  The Comptroller shall enforce the appropriation in Section 3 of this act by demanding payment from the depository institution within 2 business days of such section becoming law. If payment is not made within 2 business days of such demand, the Comptroller shall forthwith bring an action for a writ of mandamus or an action at law or such other action as may be necessary to ensure that the state's title to these funds is affirmed. Such action shall be filed in the circuit court of the Second Judicial Circuit, in and for Leon County, which circuit shall have exclusive jurisdiction thereof. Notice of such action shall be served upon any officer of the financial institution, or any other authorized service agent thereof, at any branch office thereof in Leon County. From and after the time this section becomes law, the depository institution is hereby and shall be prohibited from paying any of the respective funds to any person or entity other than the Comptroller of the State of Florida until the final resolution of the action and any appeal therefrom. No person who is not a party to the escrow agreement under which the respective funds were deposited shall be permitted to intervene in such action.

"(2)  This section shall take effect [May 15, 1998]."