Arkansas Tobacco Settlement Proceeds, Initiated Act 1 (2000)
|Tobacco Settlement Proceeds|
Text of measure
The language that appeared on the ballot:
Initiative Statute. Creates a fund, held separate from the State Treasury, known as the "Tobacco Settlement Cash Holding Fund," to be administered by the State Board of Finance. Directs all monies received as part of the tobacco settlement to this fund.
Directs all tobacco settlement payments placed in the Fund to the Arkansas Health Century Trust Fund (AHCTF) until the amount in the AHCTF equals $100,000,000.
Beginning in 2002, tobacco settlement payments shall be distributed as follows: - the first $5,000,000 received in each calendar year shall be transferred to the Tobacco Settlement Debt Service Fund; and - the amounts remaining shall be transferred to the Tobacco Settlement Program Fund.
Directs the Arkansas Development Finance Authority (ADFA) to issue Tobacco Settlement Revenue Bonds, the proceeds of which shall be used to finance capital improvement projects as follows: - $2,200,000 annually, up to a total of $25,000,000, to the University of Arkansas for Medical Sciences, Biosciences Research Building; - $1,800,000 annually, up to a total of $20,000,000, to the Arkansas State University Biosciences Research Building; - $1,000,000 annually, up to a total of $15,000,000, to the School of Public Health; and - such other capital improvement projects related to the provision of health care services, health education or health-related research as designated by the General Assembly.
Specifies details of the formation of the Arkansas Tobacco Settlement Commission, the Arkansas Healthy Century Trust Fund, the Tobacco Settlement Program Fund, the Prevention and Cessation Program Account, the Targeted State Needs Program Account, the Arkansas Biosciences Institute Program Account, and the Medicaid Program Expansion Account.
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