Assembly Bill No. 263–Assemblyman Hettrick
February 16, 1999
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Referred to Committee on Health and Human Services
SUMMARY—Creates trust fund for money received from manufacturers of tobacco products. (BDR 31-115)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: No.
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EXPLANATION – Matter in
bolded italics is new; matter between brackets
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
1-1
Section 1. Chapter 353 of NRS is hereby amended by adding thereto1-2
a new section to read as follows:1-3
1. There is hereby created in the state treasury a trust fund for money1-4
received from manufacturers of tobacco products. The state treasurer1-5
shall deposit money received from the following sources in the trust1-6
fund:1-7
(a) Money received from the Master Settlement Agreement entered1-8
into by the State of Nevada on November 23, 1998.1-9
(b) Money received from any other settlement entered into by the State1-10
of Nevada and a manufacturer of tobacco products.1-11
(c) Money recovered by the State of Nevada from a judgment in a civil1-12
action against a manufacturer of tobacco products.1-13
2. All money in the trust fund must be invested as the money in other1-14
state funds is invested.1-15
3. After deducting all applicable charges, all interest and income1-16
earned on the money in the trust fund must be credited to the trust fund.2-1
4. Five years after money has first been deposited in the trust fund2-2
pursuant to subsection 1, the legislature may appropriate for any purpose2-3
the interest and income earned on the money that is credited to the trust2-4
fund pursuant to subsection 3. The legislature may not appropriate any2-5
of the money deposited in the account pursuant to subsection 1.2-6
Sec. 2. This act becomes effective upon passage and approval.~