The Florida Senate

17.41  Department of Banking and Finance Tobacco Settlement Clearing Trust Fund.--

(1)  The Department of Banking and Finance Tobacco Settlement Clearing Trust Fund is created within that department.

(2)  Funds to be credited to the trust fund shall consist of all annual payments received by the state from settlement of State of Florida v. American Tobacco Co., No. 95-1466AH (Fla. 15th Cir. Ct. 1996). All moneys received from the settlement shall be deposited into the trust fund and are exempt from the service charges imposed under s. 215.20.

(3)  The State Board of Administration shall invest and reinvest the moneys in the trust fund in accordance with ss. 215.44-215.53. Costs and fees of the State Board of Administration for providing such investment services shall be deducted from the earnings accruing to the trust fund.

(4)  The department shall disburse funds, by nonoperating transfer, from the clearing trust fund to the tobacco settlement trust funds of the various agencies in amounts equal to the annual appropriations made from those trust funds in the General Appropriations Act.

(5)  Pursuant to the provisions of s. 19(f)(3), Art. III of the State Constitution, the trust fund is exempt from the termination provisions of s. 19(f)(2), Art. III of the State Constitution.

History.--s. 1, ch. 99-197.