Senate Bill 1120

    Florida Senate - 1999                                 SJR 1120

    By Senator Laurent





    17-820-99

  1                 Senate Joint Resolution No.     

  2         A joint resolution creating Article VII,

  3         Section 19, of the State Constitution;

  4         establishing the Tobacco Settlement Endowment

  5         Trust Fund as a permanent endowment for the

  6         provision of vital services.

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  8  Be It Resolved by the Legislature of the State of Florida:

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10         That the creation of Section 19 of Article VII of the

11  State Constitution as set forth below is agreed to and shall

12  be submitted to the electors of this state for approval or

13  rejection at the next general election or at an earlier

14  special election specifically authorized by law for that

15  purpose:

16                           ARTICLE VII

17                       FINANCE AND TAXATION

18         Section 19.  Tobacco Settlement Endowment Trust Fund.--

19         (a)  There is established the Tobacco Settlement

20  Endowment Trust Fund, which is not subject to termination

21  pursuant to Article III, Section 19(f). The purpose of the

22  Tobacco Settlement Endowment Trust Fund is to create a

23  permanent endowment for provision of vital services, including

24  health care, education, and child development, as determined

25  from year to year by the legislature.

26         (b)  No less than seventy percent of the net funds

27  received each year by the state from settlement of claims

28  related to the manufacture, sale, or distribution of tobacco

29  products shall be deposited into the Tobacco Settlement

30  Endowment Trust Fund.

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 1999                                 SJR 1120
    17-820-99




  1         (c)  Funds deposited into the Tobacco Settlement

  2  Endowment Trust Fund shall be invested in accordance with

  3  general law, and the income derived therefrom shall be

  4  deposited no less than annually into the general revenue fund

  5  of the state. The corpus of the trust fund shall not be

  6  invaded, except as may be required by federal law.

  7         (d)  As used in this section, the term "net funds"

  8  excludes any amounts paid before January 1, 2000, funds

  9  encumbered by the federal government, and funds paid for

10  attorneys' fees and the costs of litigation.

11         BE IT FURTHER RESOLVED that the following statement be

12  placed on the ballot:

13                     CONSTITUTIONAL AMENDMENT

14                     ARTICLE VII, SECTION 19

15         TOBACCO SETTLEMENT ENDOWMENT TRUST FUND;

16  CREATION.--Proposing an amendment to the State Constitution to

17  establish the Tobacco Settlement Endowment Trust Fund, the

18  income from which will be used to provide vital services. At

19  least 70 percent of the net recovery, as defined, from the

20  tobacco settlement will be deposited into the fund, and its

21  corpus may not be used unless required by federal law.

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