SLS 10RS-862 ENGROSSED
Page 1 of 3
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2010
SENATE BILL NO. 434
BY SENATOR CHAISSON
FUNDS/FUNDING. Constitutional amendment relative to deposits into the Millennium
Trust and the Louisiana Fund. (2/3 CA13s1(A))
A JOINT RESOLUTION1
Proposing to amend Article VII, Section 10.8(A)(1)(c) of the Constitution of Louisiana,2
relative to the Millennium Trust; to change the amount of deposits into the3
Millennium Trust from monies received as a result of the Master Settlement; and to4
specify an election for submission of the proposition to electors and provide a ballot5
proposition.6
Section 1. Be it resolved by the Legislature of Louisiana, two-thirds of the members7
elected to each house concurring, that there shall be submitted to the electors of the state, for8
their approval or rejection in the manner provided by law, a proposal to amend Article VII,9
Section 10.8(A)(1)(c) of the Constitution of Louisiana, to read as follows:10
ยง10.8. Millennium Trust11
Section 10.8. Millennium Trust.12
(A) Creation 13
(1) There shall be established in the state treasury as a special permanent trust14
the "Millennium Trust". After allocation of money to the Bond Security and15
Redemption Fund as provided in Article VII, Section 9(B) of this constitution, the16
treasurer shall deposit in and credit to the Millennium Trust certain monies received17 SB NO. 434
SLS 10RS-862 ENGROSSED
Page 2 of 3
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
as a result of the Master Settlement Agreement, hereinafter the "Settlement1
Agreement", executed November 23, 1998, and approved by Consent Decree and2
Final Judgment entered in the case "Richard P. Ieyoub, Attorney General, ex rel.3
State of Louisiana v. Philip Morris, Incorporated, et al.", bearing Number 98-64734
on the docket of the Fourteenth Judicial District for the parish of Calcasieu, state of5
Louisiana; and all dividend and interest income and all realized capital gains on6
investment of the monies in the Millennium Trust. The treasurer shall deposit in and7
credit to the Millennium Trust the following amounts of monies received as a result8
of the Settlement Agreement:9
* * *10
(c) Fiscal Year 2002-2003 through Fiscal Year 2009-2010 and each fiscal11
year thereafter, seventy-five percent of the total monies received that year, and12
Fiscal Year 2010-2011 and each fiscal year thereafter, twenty-five percent of the13
total monies received that year.14
* * *15
Section 2. Be it further resolved that this proposed amendment shall be submitted16
to the electors of the state of Louisiana at the statewide election to be held on November 2,17
2010.18
Section 3. Be it further resolved that on the official ballot to be used at said election19
there shall be printed a proposition, upon which the electors of the state shall be permitted20
to vote FOR or AGAINST, to amend the Constitution of Louisiana, which proposition shall21
read as follows:22
Provides that beginning in Fiscal Year 2010-2011, the allocation of the23
monies received each year from the Master Settlement shall be changed from24
seventy-five percent deposited into the Millennium Trust and twenty-five25
percent deposited into the Louisiana Fund to twenty-five percent deposited26
into the Millennium Trust and seventy-five percent deposited into the27
Louisiana Fund.28
(Amends Article VII, Section 10.8(A)(1)(c))29 SB NO. 434
SLS 10RS-862 ENGROSSED
Page 3 of 3
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Martha S. Hess.
DIGEST
Chaisson (SB 434)
Present constitution 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 constitution 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.
Proposed constitutional amendment retains present constitution 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 constitution 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 constitutional amendment retains present constitution
with the result that the amount deposited in the Louisiana Fund will increase from 25% to
75%.
Specifies submission of the amendment to the voters at the statewide election to be held on
November 2, 2010.
(Amends Const. Art. VII, Sec. 10.8(A)(1)(c))