Louisiana Tobacco Settlement Fund, Amendment 2 (Oct 1999)

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Louisiana Amendment 2 (Primary) would establish the Millennium Trust and the Louisiana Fund for tobacco settlement monies. It was on the 1999 primary election ballot in Louisiana where it passed, with 57% of voters in favor.

Election results

Amendment 2 (Primary)
ResultVotesPercentage
Approveda Yes 980 57.34%
No72942.66%

Text of measure

The language that appeared on the ballot:

To establish the Millennium Trust and the Louisiana Fund in the state treasury; to provide that the source of monies deposited into the Millennium Trust and the Louisiana Fund shall be monies received under the Master Settlement Agreement approved by Consent Decree in the case "Richard P. Ieyoub v. Philip Morris, Incorporated, et al." (Tobacco Settlement); to provide that such settlement proceeds shall be deposited into the Millennium Trust as follows: in Fiscal Year 2000-2001, forty- five percent of the total proceeds, in Fiscal Year 2001-2002, sixty percent of the total proceeds, in Fiscal Year 2002-2003 and thereafter, seventy-five percent of the total proceeds, in Fiscal Years 2000-2001 through 2002-2003; to provide that an additional ten percent of each year's total proceeds shall be deposited for credit to the Education Excellence Fund for appropriation to public elementary and secondary schools; to provide for deposit of the remaining settlement proceeds into the Louisiana Fund; to allow for increase of the amount deposited in the Millennium Trust by specific legislative instrument enacted by a two-thirds vote of the legislature; to establish the Health Excellence Fund, the Education Excellence Fund, and the TOPS Fund as special funds within the Millennium Trust; to provide for investment of monies in the Millennium Trust and to authorize investment of no more than thirty-five percent of such monies in stock, provided such authorization may be increased to no more than fifty percent if authorized by a two- thirds vote of each house of the legislature; to provide that all dividends, interest earnings, and realized capital gains from investment of the Millennium Trust be credited one-third each to the Health Excellence Fund, the Education Excellence Fund, and the TOPS Fund; to authorize appropriation of monies from the Millennium Trust for expenses related to investment of the Trust; to authorize appropriation of monies from the Health Excellence Fund, not to exceed one-third of the annual earnings on investment of the Millennium Trust, for the purpose of initiatives for health care for children, innovations in health care sciences, and provision of disease management services; to authorize appropriation of monies from the Education Excellence Fund, not to exceed one-third of the annual earnings on investment of the Millennium Trust, for support of public and private elementary and secondary schools, particularly for activities which ensure educational excellence; to limit appropriations to such schools for the purposes of pre- kindergarten through twelfth grade instructional activities; to require each recipient school or school system to develop a plan for expenditure of such monies to include performance expectations, which plan shall require both legislative approval and approval by the Department of Education, and to allow retention of unspent balances in the treasury of certain recipient entities; to authorize appropriation of monies from the TOPS Fund, not to exceed one-third of the annual earnings on investment of the Millennium Trust, for state programs for tuition assistance to students of Louisiana institutions of post secondary education; to authorize appropriation of monies from the Louisiana Fund for initiatives for education and health care for children, for health care services research, disease management services, health care for tobacco-related illness, capital improvements of state health care facilities, and for activities associated with reduction of tobacco-related injury and death; to require reporting of performance expectations associated with expenditure of monies appropriated from the Louisiana Fund; to create the Millennium Leverage Fund (Leverage Fund) in the state treasury; to authorize, pursuant to a two-thirds vote by each house of the legislature on a specific legislative instrument, the deposit of all or a portion of the settlement revenues into the Leverage Fund; to provide for investment of monies in the Leverage Fund, including up to 50% in stocks; to provide for the issuance of revenue bonds secured by monies in the Leverage Fund in amounts authorized by two-thirds vote of each house of the legislature; to prohibit issuing from the Leverage Fund general obligation bonds pledging the full faith and credit of the state; to authorize appropriation of such bond proceeds and any investment earnings recognized in the official forecast as in excess of inflation for the following purposes: 25% for the purposes of the TOPS Fund, 25% for purposes of the Health Excellence Fund, 25% for the purposes of the Education Excellence Fund, and 25% for the purposes of the Louisiana Fund; to authorize increasing the appropriations to the TOPS, Health Excellence, and Education Excellence Funds and decreasing the appropriation for the purposes of the Louisiana Fund, but only pursuant to a two-thirds vote of each house of the legislature on a specific legislative instrument; to provide for terminating the deposit of settlement monies into the Leverage Fund only pursuant to a two-thirds vote of each house of the legislature on a specific legislative instrument; and to provide that any such termination be performed in such a manner as not to impair the validity or security of such bonds issued from the Leverage Fund. (Effective July 1, 2000)

[Adds Article VII, Sections 10.8, 10.9, and 10.10)]

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