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2002 SESSION

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HB 698 Securitization of payments under tobacco Master Settlement Agreement.

Introduced by: Kathy J. Byron | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Securitization of payments under the Tobacco Master Settlement Agreement. Authorizes the Governor to sell any or all of 50 percent of the revenues derived from the Master Settlement Agreement. Proceeds from the sale shall be deposited into the Tobacco Indemnification and Community Revitalization Endowment Fund. The income of the Endowment and up to 10 percent (up to 15 percent upon two-thirds vote of the Tobacco Indemnification and Community Revitalization Commission) of the corpus of the Endowment shall be paid annually to the Tobacco Indemnification and Community Revitalization Fund. This bill incorporates HB 649.

SUMMARY AS PASSED HOUSE:

Securitization of payments under the Tobacco Master Settlement Agreement. Authorizes the Governor to sell any or all of 50 percent of the revenues derived from the Master Settlement Agreement. Proceeds from the sale shall be deposited into the Tobacco Indemnification and Community Revitalization Endowment Fund. The income of the Endowment and up to ten percent (up to fifteen percent upon two-thirds vote of the Tobacco Indemnification and Community Revitalization Commission) of the corpus of the Endowment shall be paid annually to the Tobacco Indemnification and Community Revitalization Fund. Incorporates HB 649.

SUMMARY AS INTRODUCED:

Securitization of payments under the Master Settlement Agreement. Authorizes the Governor to sell 50 percent of the revenues derived from the Master Settlement Agreement. Proceeds from the sale shall be deposited into the Tobacco Indemnification and Community Revitalization Endowment Fund. The income of the Endowment and up to fifteen percent of the corpus of the Endowment shall be paid annually to the Tobacco Indemnification and Community Revitalization Fund.