Senate Bill 2168

    Florida Senate - 2000                                  SB 2168

    By Senator Burt





    16-1171-00

  1                      A bill to be entitled

  2         An act relating to creating the Task Force on

  3         Tobacco-Settlement-Revenue Protection;

  4         providing for membership and duties; providing

  5         for staff; providing for expiration of the task

  6         force; providing an appropriation; authorizing

  7         expenditures; providing an effective date.

  8

  9  Be It Enacted by the Legislature of the State of Florida:

10

11         Section 1.  (1)  The Task Force on

12  Tobacco-Settlement-Revenue Protection is created to determine

13  the need for and evaluate methods for protecting the state's

14  tobacco settlement revenue from significant loss.  The task

15  force shall, at a minimum, study and make a determination of:

16         (a)  The degree of risk posed to the amount of

17  tobacco-settlement revenue as a consequence of a decline in

18  domestic tobacco sales.

19         (b)  The degree of risk posed to the tobacco-settlement

20  revenue by potential dissolution or restructure of the tobacco

21  companies that were defendants in the state's suit.

22         (c)  The necessity and advisability of taking action to

23  protect the asset value of the tobacco settlement. 

24         (d)  The options available for protecting the asset

25  value of tobacco-settlement revenues, including

26  securitization, insurance, self-insurance, or a combination of

27  these options.

28         (2)  The task force is to be composed of:

29         (a)  The Governor, who shall serve as chair of the task

30  force;

31         (b)  The Comptroller;

                                  1

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






    Florida Senate - 2000                                  SB 2168
    16-1171-00




  1         (c)  The Insurance Commissioner; and

  2         (d)  The Attorney General.

  3         (3)  The task force shall conduct research, hold public

  4  hearings, receive testimony, employ consultants, and undertake

  5  other activities determined by its members to be necessary.

  6         (4)  Task force members may not delegate their

  7  attendance or voting powers to designees.

  8         (5)  A vote of three of the four members is required to

  9  authorize any action.

10         (6)  Staff support for the task force shall be provided

11  by the State Board of Administration.

12         (7)  The task force shall cease to exist on October 1,

13  2000.

14         Section 2.  For the 2000-2001 fiscal year, the

15  nonrecurring sum of $250,000 from tobacco-settlement revenues

16  is appropriated to the State Board of Administration to

17  support operation of the task force.

18         Section 3.  The task force may commit up to $100

19  million from nonrecurring tobacco-settlement revenues if it

20  determines that it is necessary to implement an

21  asset-protection strategy so that the state has a high

22  probability of receiving the estimated tobacco-settlement

23  revenue over 30 years.

24         Section 4.  This act shall take effect upon becoming a

25  law.

26

27            *****************************************

28                          SENATE SUMMARY

29    Creates the Task Force on Tobacco-Settlement-Revenue
      Protection. Provides duties, membership staffing and
30    operational guidelines. Provides an appropriation and
      provides for expiration of the task force.
31

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