HOUSE EXECUTIVE MESSAGE NO. 92
The Honorable Ben Lujan and
Members of the House of Representatives
Honorable Speaker and Members of the House:
I have this day VETOED and am returning HOUSE BILL
8, as amended, enacted
by the Forty-Fifth Legislature, Second Session, 2002.
The tobacco settlement permanent fund was established just three years ago in 1999 as a repository for the proceeds from the multi-year settlement agreement between the state and various cigarette companies. The enabling legislation clearly had two fundamental purposes: 1) to direct the revenue from the settlement proceeds to tobacco use cessation programs and health issues related to tobacco; and 2) to establish a fund which would continue to exist even after the settlement proceeds cease. As originally established, the proceeds from the tobacco settlement are divided into two parts – approximately half of the yearly proceeds are available for specific purposes and the other half are placed in the permanent fund to remain and earn interest.
This legislation
amends the original act to allow for a complete raid on the tobacco permanent
fund. However, the Legislature attempted
to deplete the fund in House Bill 2, authorizing such a
depletion even before this legislation reached my desk. It is hardly
appropriate or fiscally responsible to approve
legislation authorizing the depletion of a “permanent” fund, an action that
would certainly lead to its ultimate demise.
Sincerely,
Gary E. Johnson
Governor
Page 2
House Executive Message 92
RECEIVED FROM THE OFFICE OF THE
GOVERNOR:
Time: _____________________ By:_____________________________
Secretary
of State
Date:______________________
Time:______________________
Date:_______________________ By:_____________________________
Chief Clerk of
the House
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