Oklahoma Tobacco Settlement Endowment Trust Fund, State Question 692 (2000)
The official ballot summary reads:
This measure amends the Oklahoma Constitution. It adds Section 40 to Article 10. The measure creates the Tobacco Settlement Endowment Trust Fund. A percentage of the payments received by the state from tobacco companies shall be deposited in the trust fund. The percentage goes from 50% for the fiscal year ending June 30, 2002, to 75% for any fiscal year ending June 30, 2007, and after. Monies not deposited in the trust fund shall be subject to legislative appropriations. The trust fund would be managed by the Board of Directors. The Board of Directors would consist of members appointed by various state officials. The trust fund monies could be invested according to certain standards. A Board of Investors would have the duty of investing the trust fund monies. The chair of the Board of Investors would be the State Treasurer. Other members would be appointed by various state officials. The earnings from the trust fund may be expended by the Board of Directors for certain purposes. The purposes include tobacco prevention and cessation programs, health care, education, other children’s services and programs for senior adults. The measure allows the Legislature to pass laws to further implement this section.
This amendment passed with 775,740 voters supporting the initiative, and 351,545 voters in opposition.
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