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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 | 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.

SUMMARY AS PASSED SENATE:

Securitization of payments under the Master Settlement Agreement. Authorizes the Governor to sell 50 percent of the annual amount received by the Commonwealth 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 15 percent of the corpus of the Endowment shall be paid annually to the Tobacco Indemnification and Community Revitalization Fund.

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 15 percent of the corpus of the Endowment shall be paid annually to the Tobacco Indemnification and Community Revitalization Fund.