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Regular Session, 2010
SENATE BILL NO. 410
BY SENATOR CHAISSON
FUNDS/FUNDING. Changes allocation of deposits into the Millennium Trust and the
Louisiana Fund. (See Act)
AN ACT1
To amend and reenact R.S. 39:98.1(A)(3), relative to the Millennium Trust; to change the2
amount of deposits into the Millennium Trust from monies received as a result of the3
Master settlement; to provide for an effective date; and to provide for related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 39:98.1( A)(3) is hereby amended and reenacted to read as follows:6
ยง98.1. Creation of Funds7
A. There shall be established in the state treasury as a special permanent trust8
fund the Millennium Trust. After allocation of money to the Bond Security and9
Redemption Fund as provided in Article VII, Section 9(B) of the Constitution of10
Louisiana, the treasurer shall deposit in and credit to the Millennium Trust certain11
monies received as a result of the Master Settlement Agreement, hereinafter the12
"Settlement Agreement", executed November 23, 1998, and approved by Consent13
Decree and Final Judgment entered in the case "Richard P. Ieyoub, Attorney14
General, ex rel. State of Louisiana v. Philip Morris, Incorporated, et al.", bearing15
Number 98-6473 on the docket of the Fourteenth Judicial District for the parish of16
Calcasieu, state of Louisiana; and all dividend and interest income and all realized17 SB NO. 410
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Coding: Words which are struck through are deletions from existing law;
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capital gains on investment of monies in the Millennium Trust. The treasurer shall1
deposit in and credit to the Millennium Trust the following amounts of monies2
received as a result of the Settlement Agreement:3
* * *4
(3) Fiscal Year 2002-2003 and each fiscal year thereafter, through Fiscal5
Year 2009-2010, seventy-five percent of the total monies received that year , and6
Fiscal Year 2010-2011 and each fiscal year thereafter, twenty-five percent of the7
total monies received that year.8
* * *9
Section 2. Section 1 of this Act shall take effect and become operative if the10
amendment of Article VII, Section 10.8(A)(1)(c) of the Constitution of Louisiana contained11
in the Act which originated as Senate Bill No. of this 2010 Regular Session of the12
Legislature is adopted at the statewide election to be held on November 2, 2010 and at the13
same time as such proposed amendment becomes effective.14
Section 3. Sections 2 and 3 of this Act shall become effective on July 1, 2010. If15
vetoed by the governor and subsequently approved by the legislature, this Act shall become16
effective on the day following such approval.17
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Martha S. Hess.
DIGEST
Chaisson (SB 410)
Present law provides for the establishment in the state treasury of the Millennium Trust as
a special permanent trust, into which is deposited certain monies received as a result of the
Master Settlement Agreement in the tobacco litigation, dividend and interest income and all
realized capital gains on investment of monies in the Millennium Trust.
Present law further provides that the treasurer shall deposit in and credit to the Millennium
Trust the following amounts of monies received as a result of the Settlement Agreement:
(a)Fiscal Year 2000-2001, 45% of the total monies received that year.
(b)Fiscal Year 2001-2002, 60% of the total monies received that year.
(c)Fiscal Year 2002-2003 and each fiscal year thereafter, 75% of the total monies
received that year. SB NO. 410
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Proposed law retains present law for Fiscal Years 2002-2003 through 2009-2010 but
decreases deposits into the Millennium Trust of monies received as a result of the Settlement
Agreement from 75% to 25% beginning Fiscal Year 2010-2011 and each fiscal year
thereafter.
Present law provides that the treasurer shall deposit in and credit to the Louisiana Fund all
remaining monies received as a result of the Settlement Agreement after deposit into the
Millennium Trust. Proposed law retains present law with the result that the amount
deposited in the Louisiana Fund will increase from 25% to 75%.
Section 1 of the Act becomes effective and operative if the amendment of Article VII,
Section 10.8(A)(1)(c) of the Constitution of Louisiana contained in the Act which originated
as SB of the 2010 RS is adopted at the statewide election to be held on November 2,
2010, and at the same time as such proposed amendment becomes effective. Sections 2 and
3 of the Act, which are the effective date provisions, become effective on July 1, 2010.
(Amends R.S. 39:98.1(A)(3))