1999 Legislation
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SENATE BILL NO. 1002 – Tobacco moneys, Budget Reserve Acct

SENATE BILL NO. 1002

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Daily Data Tracking History



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

Bill Text


S1002


                                                                        
 ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
Fifty-fifth Legislature                 First Regular Session - 1999
                                                                        

                                      IN 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 / Fiscal Impact


                         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