HB 942 -- Tobacco Settlement Moneys

Co-Sponsors:  Hanaway, Kreider, Reinhart, Fraser, Foley, Naeger,
Overschmidt, Monaco

This bill provides for the deposit, investment, and
appropriation of tobacco settlement moneys received by the state.

The bill establishes trust funds and sub-accounts in the state
treasury and provides for percentage allocation of the tobacco
settlement moneys as follows:

(1)  An endowment fund known as the Fund for Missouri's Future
is created.  The first $125 million received by the state will
be deposited into the endowment fund and any interest earned on
the moneys will remain in the endowment fund until the corpus of
the fund reaches $1 billion.  Appropriation of moneys from the
endowment fund will only be allowed upon a two-thirds vote of
the elected members of the General Assembly; and

(2)  All moneys received after the initial $125 million and any
interest earned on the endowment fund after the corpus reaches
$1 billion will be deposited in the Health Care Trust Fund, a
new fund created in the bill.  Moneys within the Health Care
Trust Fund will be divided among sub-accounts as follows:

(a)  55% to the Prescription Drug Coverage and Health Care
Access Account;

(b)  15% to the Tobacco Prevention, Education and Cessation
Account;

(c)  10% to the Early Childhood Care and Education Account; and

(d)  20% to the Life Sciences and Medical Research Account.

Moneys in the sub-accounts may only be appropriated for the
purposes of each sub-account as provided in the bill.  The bill
requires the Commissioner of Administration to establish books
of account to ensure deposit and expenditure of the moneys as
provided in the bill.

All moneys appropriated constitute additional amounts over and
above appropriation of general revenues and will not reduce
funding from general revenue below levels as of July 1, 2000.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:04 pm