HB 943 -- Tobacco Settlement

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

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

The bill creates an endowment fund known as the Fund for
Missouri's Future in the state treasury.  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.

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.  Appropriations from this fund may
be used, as further provided by law, for smoking prevention and
cessation, early childhood care and education, prescription drug
coverage and health care, and life sciences and medical research.

The bill also excludes tobacco settlement moneys received by the
state from the classification of total state revenues and the
expenditure of the moneys from the designation as an expense of
state government as it relates to the Hancock Amendment.

The bill contains a referendum clause designating a statewide
election on November 5, 2001.  The bill will become effective
upon approval.

The bill also contains an official summary statement of the
referendum measure to appear on the ballot.

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