ORIGINAL HOUSE                                     ENGROSSED

BILL NO. 0123



       ENROLLED ACT NO. 87, HOUSE OF REPRESENTATIVES

       

       FIFTY-FIFTH LEGISLATURE OF THE STATE OF WYOMING

                        1999 SESSION









AN ACT relating to use of the proceeds from a settlement

with the tobacco industry; establishing a trust fund;

specifying the use of earnings from the trust fund; and

providing for an effective date.



Be It Enacted by the Legislature of the State of Wyoming:



     Section 1.  W.S. 9-2-120 is created to read:

     

     9-2-120.  Tobacco settlement trust fund established;

corpus inviolate; investment by state treasurer.

     

     (a)  An account within the trust and agency fund is

established which shall be referred to as the Wyoming

tobacco settlement trust fund.  The Wyoming tobacco

settlement trust fund shall consist of:

     

          (i)  All funds received by the state of Wyoming as

financial recovery under the terms of the master settlement

agreement regarding litigation between several states and

major tobacco manufacturers, which settlement agreement was

approved by the state of Wyoming in November 1998; and

     

          (ii)  Any other funds appropriated or designated

to the account by law or by gift from whatever source.

     

     (b)  Funds deposited into the Wyoming tobacco

settlement trust fund established pursuant to subsection (a)

of this section are intended to be inviolate and constitute

a permanent or perpetual trust fund which shall be invested

by the state treasurer as authorized by law and in a manner

to obtain the highest return possible consistent with

preservation of the corpus.  Any earnings from investment of

the corpus of the trust fund shall be credited by the state

treasurer into a separate trust fund income account within

the earmarked revenue fund.

     

     (c)  Revenues deposited into the trust fund income

account established under subsection (b) shall be expended:

     

          (i)  Only for purposes related to the improvement

of the health of Wyoming's citizens including efforts to

prevent tobacco use through school and community based

programs; and

     

          (ii)  Only upon appropriation by the legislature.

     

     Section 2.  This act is effective immediately upon

completion of all acts necessary for a bill to become law

as provided by Article 4, Section 8 of the Wyoming

Constitution.



                            (END)

                              

                              

                              

                              



Speaker of the House               President of the Senate





                Governor



                TIME APPROVED: _________

                DATE APPROVED: _________



I hereby certify that this act originated in the House.





Chief Clerk