Utah Tobacco Settlement Trust Fund Amendment, Proposition 2 (2000)
Utah Proposition 2 was on the November 7, 2000 statewide ballot in Utah, where it passed, with 61% in favor. It was one of four statewide ballot measure that year in Utah. The measure was a legislative referral.
The language on the ballot said:
Proposition 2 amends the Utah Constitution to establish a permanent state trust fund whose assets are to be preserved and invested by the state treasurer, as provided by statute. The trust fund consists of: (1) money designated by statute or appropriation from proceeds that the state receives from the November 1998 settlement agreement between the state and leading tobacco manufacturers; and (2) any money and assets that the trust fund receives through a will or other private donation.
This proposition requires the income from the trust fund to be deposited into the General Fund of the state. Once placed in the General Fund, that money would be subject to legislative appropriation on the same basis as other General Fund money. The proposition provides that money or assets in the trust fund may be removed from the trust fund and deposited into the state's General Fund only if the governor and three-fourths of both the Senate and the House of Representatives agree.
If Proposition 2 passes, certain provisions of S.B.15, Use of Tobacco Settlement Revenues, 2000 General Session, will become law on January 1, 2001. Those provisions require 50% of all money received by the state related to the November 1998 tobacco settlement agreement to be deposited into the permanent state trust fund established by Proposition 2. The percentage of tobacco settlement money to be deposited into the trust fund would increase to 60% as of July 1, 2003. S.B. 15 requires all tobacco settlement money set aside statutorily before the establishment of the permanent state trust fund to be deposited into the trust fund. The bill also requires half of the trust fund income to remain in and become part of the principal of the trust fund.The effective date of Proposition 2 is January 1, 2001.
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