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S1002............................................................by FINANCE
TOBACCO MONEYS - Adds to existing law to provide that the State Treasurer
shall deposit all moneys received from the Tobacco Master Settlement
Agreement through June 30, 2000, into the Budget Reserve Account or Budget
Stabilization Fund.
01/18 Senate intro - 1st rdg - to printing
01/19 Rpt prt - to Fin
Rpt out - rec d/p - to 2nd rdg
01/20 2nd rdg - to 3rd rdg
01/21 3rd rdg - PASSED - 31-3-1
AYES--Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
Crow, Danielson, Darrington, Davis, Deide, Frasure, Geddes, Hawkins,
Ingram, Ipsen, Keough, King, Lee, Noh, Parry, Richardson, Riggs,
Risch, Sandy, Schroeder, Sorensen, Stegner, Thorne, Twiggs, Wheeler
NAYS--Dunklin, Stennett, Whitworth
Absent and excused--McLaughlin
Floor Sponsor - Parry
Title apvd - to House
01/22 House intro - 1st rdg - to 2nd rdg
01/26 2nd rdg - to 3rd rdg
01/27 3rd rdg - PASSED - 54-13-2
AYES -- Alltus, Barraclough, Barrett, Bell, Black, Bruneel,
Callister, Campbell, Clark, Crow, Deal, Denney, Ellsworth, Field(13),
Field(20), Gagner, Geddes, Gould, Hadley, Hammond, Hansen(23),
Hansen(29), Hornbeck, Jones, Kellogg, Kempton, Kendell, Kunz, Lake,
Limbaugh, Linford, Loertscher, Mader, McKague, Meyer, Montgomery,
Mortensen, Moyle, Pischner, Reynolds, Ridinger, Schaefer, Sellman,
Smith, Stevenson, Stone, Taylor, Tilman, Tippets, Wheeler, Williams,
Wood, Zimmermann, Mr Speaker
NAYS -- Boe, Chase, Cuddy, Henbest, Jaquet, Judd, Marley, Pomeroy,
Ringo, Robison, Stoicheff, Trail, Watson
Absent and excused -- Kjellander, Sali
Dist. 19, Seat A, Vacant
Floor Sponsor - Geddes
Title apvd - to Senate
01/28 To enrol
01/29 Rpt enrol - Pres signed
02/01 Sp signed
02/02 To Governor
02/08 Governor signed
Session Law Chapter 1
Effective: 02/08/99
S1002|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature First Regular Session - 1999IN THE SENATE SENATE BILL NO. 1002 BY FINANCE COMMITTEE 1 AN ACT 2 DIRECTING THE STATE TREASURER TO DEPOSIT ALL MONEYS RECEIVED FROM THE MASTER 3 TOBACCO SETTLEMENT AGREEMENT FOR A TIME CERTAIN IN THE BUDGET RESERVE 4 ACCOUNT AND THE BUDGET STABILIZATION FUND; AND DECLARING AN EMERGENCY. 5 Be It Enacted by the Legislature of the State of Idaho: 6 SECTION 1. The State Treasurer shall deposit all moneys received from the 7 Master Tobacco Settlement Agreement, through June 30, 2000, in the Budget 8 Reserve Account and the Budget Stabilization Fund created in Section 57-814, 9 Idaho Code. 10 SECTION 2. An emergency existing therefor, which emergency is hereby 11 declared to exist, this act shall be in full force and effect on and after its 12 passage and approval.
STATEMENT OF PURPOSE
RS 08643
This legislation directs the Idaho State Treasurer to deposit all
moneys received from the Master Tobacco Settlement Agreement (MTSA),
through June 30, 2000, to the budget reserve account. (HB 443aa laws
of 1998 changes the name to the Budget Stabilization Fund effective
July 1, 1999.) The MSTA agreement was signed by the Attorneys General
and other representatives of 46 states, Puerto Rico, the U.S. Virgin
Islands, the Northern Mariana Islands, Guam and the District of
Columbia with the five largest tobacco manufacturers. It is uncertain
at this time in which state fiscal year these funds will be received;
and it is also unclear into which state fund the money should be
deposited. This bill directs that regardless of when the funding is
received up until June 30, 2000, that the State Treasurer will
deposit the tobacco settlement funds into the Budget Reserve Fund.
FISCAL NOTE
The Attorney General estimates $32 million will be transferred to the
state of Idaho from the tobacco settlement trust fund through June
30, 2000, subject to conditions (1) state specific finality and (2)
final approval of 80% of the states and states shares. Due to the
conditions, the exact timing of the receipt of the funds cannot be
determined at this time. The Attorney General estimates that the
state will receive over $711 million during the first 25 years at the
rate of about $23 to $30 million annually, depending on final
approval and a series of variables contained in a distribution
formula contained in the MTSA. The current balance in the Budget
Reserve Fund is $36,030,195, and if these tobacco settlement funds
are received by June 30, 2000, the new balance will be approximately
$68 million.
Contact: Senator Atwell Parry
334-4735
STATEMENT OF PURPOSE/ FISCAL NOTE
S1002