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2002 SESSION

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SB 457 Tobacco Indemnification and Community Revitalization Endowment.

Introduced by: Charles R. Hawkins | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

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.


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