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1999 SESSION

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HB 2635 Tobacco Indem. and Community Revitalization Commission and Fund.

Introduced by: Whittington W. Clement | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Tobacco Indemnification and Community Revitalization Commission and Fund; Virginia Tobacco Settlement Foundation Fund. Establishes the Tobacco Indemnification and Community Revitalization Commission to administer funds received by the Tobacco Indemnification and Community Revitalization Fund. The Fund shall receive 50 percent of the funds received by the Commonwealth pursuant to the tobacco Master Settlement Agreement. The Commission shall use the moneys in the Fund to make payments to tobacco farmers and for projects in tobacco dependent communities. The bill also creates the Virginia Tobacco Settlement Fund, to receive 10 percent of the funds received by the Commonwealth under the Master Settlement Agreement. This Fund shall be administered by the newly-created Virginia Tobacco Settlement Foundation. This Fund will be used to finance efforts to limit the use of tobacco products by minors.


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