44th legislature - STATE OF NEW MEXICO - first session, 1999

RELATING TO TOBACCO SETTLEMENT REVENUES; CREATING THE TOBACCO SETTLEMENT TRUST FUND; ESTABLISHING A METHOD OF AUTHORIZING EXPENDITURES FROM THE FUND; DECLARING AN EMERGENCY.

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

Section 1. TOBACCO SETTLEMENT TRUST FUND CREATED--REVENUES--DISTRIBUTION.--The "tobacco settlement trust fund" is created in the state treasury. The fund shall consist of money transferred to the fund from distributions 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 only be expended by appropriation through legislation introduced by the interim legislative health and human services committee. No expenditures shall be made from the tobacco settlement trust fund prior to July 1, 2000.

Section 2. HEALTH AND HUMAN SERVICES COMMITTEE--DUTIES.--The interim legislative health and human services committee shall hold meetings during the interim for the purpose of hearing needs for expenditures from the tobacco settlement trust fund and shall recommend legislative appropriation requests from the fund as well as legislation on the administration and expenditure limitations of the fund.

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