44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

RELATING TO TOBACCO SETTLEMENT REVENUES; CREATING THE TOBACCO SETTLEMENT TRUST FUND AND THE TOBACCO SETTLEMENT INCOME FUND; PROVIDING FOR APPROPRIATION FROM THE TOBACCO SETTLEMENT INCOME FUND FOR PUBLIC SCHOOL CAPITAL OUTLAY PURPOSES; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. TOBACCO SETTLEMENT TRUST FUND--DEPOSIT OF REVENUES--INCOME DISTRIBUTION.--

A. The "tobacco settlement trust fund" is created in the state treasury. The fund shall consist of money distributed to the state pursuant to the master settlement agreement entered into between tobacco product manufacturers and the various states, including New Mexico, and executed November 23, 1998 or transferred to the state from a qualified escrow fund authorized by a qualifying state statute enacted pursuant to the master settlement agreement. Money in the fund shall be invested by the state investment officer as land grant permanent funds are invested pursuant to Chapter 6, Article 8 NMSA 1978. Money in the fund shall not be expended for any purpose, but income earned from investment of the fund shall be distributed annually to the tobacco settlement income fund for appropriation by the legislature as provided by law.

B. The state treasurer shall deposit in the tobacco settlement trust fund all amounts distributed to the state pursuant to the master settlement agreement entered into between tobacco product manufacturers and the various states, including New Mexico, and executed November 23, 1998 or transferred to the state from a qualified escrow fund authorized by a qualifying state statute enacted pursuant to the master settlement agreement.

Section 2. TOBACCO SETTLEMENT INCOME FUND CREATED--PURPOSE.--The "tobacco settlement income fund" is created in the state treasury and shall consist of distributions made to the fund from the tobacco settlement trust fund. Money in the fund shall be appropriated by the legislature for public school capital outlay purposes.

Section 3. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.